Students are encouraged to borrow only what they need and to seek outside scholarships and save summer earnings in order to reduce overall indebtedness. The Financial Aid Office works closely with students to achieve this goal.

There are two ways loans can help cover your college expenses: You can receive need-based federal loans as a part of your financial aid package and/or you can apply for non-need-based loans to cover your family's contribution to your education. Click here for directions to finalize your Federal Direct Loan and/or Perkins Loan or to start a parent PLUS Loan or student private alternative loan.

Student Federal Loans

Gustavus participates in the Federal Direct Loan Program and the Federal Perkins Loan Program for students.  Information and application procedures below:

Parent Loans

Gustavus participates in the Federal PLUS Loan Program and other private parent loan programs.  These loans can be used to replace the family contribution and Additional Financing Options amount shown on the financial aid award letter.

Student Private Alternative Loans

Private, alternative Loans are loans not guaranteed by the Federal Government and are not awarded as part of a student's financial aid package. The borrower (either student or parent) may borrow such a loan through various participants such as banks or credit unions to help cover college expenses. Students should exhaust their eligibility in the federal loan programs before borrowing through a private student loan program.

Processing Tips for Private Lender Loans

  • Processing time will take from 20 to 30 days from application to disbursement due to truth in lending regulations.
  • Loans are disbursed half in each semester.
  • Plan your annual financial needs and complete the loan process by August 1.

Private Alternative Loan for Latin America and Carribean Students

The Rowe Fund is an educational loan program of the Organization of American States (OAS) that helps citizens from Latin America and Caribbean OAS Member States finance their studies or research in accredited universities across the United States by awarding interest-free loans of up to $15,000 dollars.

Private Alternative Loan Consolidation

Private, alternative Loans can be consolidated if you have taken loans out from more than one lender.