Loans

Student loans are available to help finance your educational expenses if you are unable to pay for all of your educational costs through a combination of your resources and other scholarships or grants you may receive. For all federal and state loans, students must be enrolled at least half-time and make satisfactory academic progress towards a recognized degree.

Since all student and parent loans must be repaid, students and parents are encouraged to borrow only what they need and can afford to repay. Please refer to your financial aid award letter or contact the Crown College financial aid office to see what loans you are eligible to borrow.

Monthly Payment Options

A monthly payment plan is available through Tuition Management Systems at crown.afford.com. This convenient option allows you to divide all or part of the educational expenses into equal monthly payments through the course of the term. The plan is interest free, and requires an enrollment fee. For more information contact Tuition Management Systems at 1-800-722-4867 or the Crown College Student Billing Office at 952-446-4126.

Parents of dependent undergraduate students may apply for the PLUS Loan. This is a fixed interest rate loan. Interest accrues from the time of disbursement and repayment begins 60 days after the loan is fully disbursed.

Requirements:

  • Parent is the borrower
  • Parent (borrower) credit check
    • Limited to parents who do not have an adverse credit history
    • If a parent is denied a PLUS Loan, the dependent student may qualify for additional Unsubsidized Stafford Loan

Private Educational Student loans are available to help students cover the gap between other financial aid and the school bill. The loans are credit based and most students will be required to obtain a credit worthy co-signer. Interest rates and terms of repayment will vary by lender. There are a variety of loan options available, so make sure to research multiple options to find the best fit for your long-term goals.

There are two types of Stafford loans:  Subsidized and Unsubsidized. The Stafford loans require at least half-time enrollment, and do not require a credit check or co-signer.

Subsidized Stafford

  • Interest free while you are enrolled at least half-time

Unsubsidized Stafford

  • Interest accrues from the time of disbursement. Interest may either be paid while you are enrolled or capitalized (added) to the principal amount prior to entering repayment.

Crown does not provide early disbursement.

Federal Perkins Loans are awarded to students with exceptional financial need. Crown College has a limited amount of funds to award, and students receiving this loan must borrow their full Stafford Loan eligibility first. The federal government pays the interest on the Perkins loan until repayment begins nine months after a student graduates or drops to less than half-time.

Please click on Loan Counseling to obtain information about Loan Entrance and Loan Exit Counseling requirements for student loans.