Student Loans
Online Loan Entrance Counseling for First Time Borrowers
SimpleTuition For Choosing a Lender and Signing A Master Promissory Note
Online PLUS Loan Application for Parents
Online Loan Exit Interview for Graduating Students
Federal Subsidized Stafford Loan
These are low interest, need-based, government-subsidized loans made by private lending institutions and non-profit public agencies. Your interest is paid by the federal government while you are in school and during your six-month grace period following the last date of at least half-time enrollment. Applicants must demonstrate financial need via the FAFSA. As with all other financial awards, recipients must maintain satisfactory academic progress. Loans plus other financial aid received by Cleary students may not exceed the total need of the student for the academic year. After completing the FAFSA, Master Promissory Notes are available in the Financial Assistance office located at the Livingston Campus.
Federal Unsubsidized Stafford Loan
These non-need based low interest loans which are not subsidized by the Federal Government. You are responsible for the interest while you are in school and during your grace period. Your eligibility for this loan is determined after Federal Stafford Loan ineligibility is determined.
The following are the maximum annual loan amounts that can be borrowed through the Federal Stafford Loan Program.
| Dependent Student |
Total Sub + Unsub |
|
Freshmen (0-44 credits) |
$3,500 + $2,000* = $5,500 |
|
Sophomore (45-89 credits) |
$4,500 + $2.000* = $6,500 |
|
Junior/Senior (90-134 credits) |
$5,500 + $2,000* = $7,500 |
* Begins July 1st, 2008
| Independent Student | Sub + Unsub | Total |
| Freshmen (0-44 credits ) | $3,500 + $6,000* | $9,500 |
| Sophomore (45-89 credits) | $4,500 + $6,000* | $10,500 |
| Junior/Senior (90-134 credits) | $5,500 + $7,000* | $12,500 |
| Graduate | $8,500 +$12,000 | $20,500 |
*Begins July 1st 2008
(Loan limits may be subject to pro ration)
| Maximum Aggregate Loan limits |
Sub + Unsub |
| Dependent Undergraduate | $31,000* |
| Independent Undergraduate | $57,500* |
| Graduate | $138,500 |
* Begins July 1st 2008
Federal PLUS
The Parent Loan for Undergraduate Students is an educational non-need based loan made by private lending institutions and non-profit public agencies. You may be eligible for a PLUS Loan if you are the parent or legal guardian, with good credit history, of a dependent undergraduate student. The parent may apply for a PLUS loan after the Financial Assistance Office has determined the students dependent eligibility for other kinds of financial aid. As with other types of financial aid, you must maintain satisfactory academic progress.