Eligible students enrolled at least half-time and making satisfactory academic progress towards a recognized degree may apply for low-interest loans from private, commercial, or state lending institutions.These are guaranteed loans in which there is not a credit check or co-signer involved. The money comes electronically and goes directly onto the student's account.

Subsidized vs Unsubsidized Stafford Loan

There are two types of Stafford Loans: Subsidized and Unsubsidized. The Subsidized Federal Stafford Loan is need-based and interest free because the interest is paid by the Department of Education for student borrowers while they attend college on at least a half-time basis. The Unsubsidized Federal Stafford loan has the same terms and conditions as the Subsidized Stafford but does not carry the in-school interest subsidy. Students pay the interest while in school or have the option to let the interest accrue and have it capitalized.

Crown uses Great Lakes Higher Education Corporation as their loan guaranty agency. 

Students must complete the FAFSA to receive consideration for this loan. Students must also complete a Master Promissory Note and Entrance Counseling in order for the loan to be processed.

Stafford Loan Application

Stafford Loans

The student will have a six-month grace period after graduation, withdrawing, or dropping to less than half-time status to begin repayment on these loans. There is a ten-year maximum for repayment of Stafford Loans. The student's dependency status and grade level will determine the amount of eligibility.

Dependent Students
  Subsidized Stafford Unsubsidized Stafford
Interest Rate 6.0% 6.8%
Freshman $3,500 $2,000
Sophomore $4,500 $2,000
Junior $5,500 $2,000
Senior $5,500 $2,000
Independent Students
  Subsidized Stafford Unsubsidized Stafford
Interest Rate 6.0% 6.8%
Freshman $3,500 $6,000
Sophomore $4,500 $6,000
Junior $5,500 $7,000
Senior $5,500 $7,000

PLUS or Private: Which Loan is Right for You?

*Remember* only borrow what you can afford to repay! Do not borrow any more than you absolutely need for your education!

Information is intended to be accurate, but the publisher does not assume liability for loss or damage as a result of reliance on this data.  Material should not be considered legal, financial or other professional advice.

Federal PLUS Loan

Parents of dependent undergraduate students may apply for the PLUS loan. Parents may borrow up to the cost of education minus other aid.  The Federal PLUS loan is limited to parents who do not have an adverse credit history.  Students must complete the FAFSA to receive consideration for this loan.

The Plus loan has a fixed interest rate of 8.5%.  Repayment generally begins within 60 days after the loan is fully disbursed.  There is not a grace period and the interest begins to accumulate at the time of the first disbursement.  

To apply for the Federal PLUS loan the parent must complete the PLUS Loan Master Promissory Note (MPN) and the PLUS Loan Request Form.

 

Private Alternative loan options

Additional loans are available to students and parents to help cover the gap between other financial aid and the school bill.

There is also a monthly payment plan which allows students and families to spread all or part of the educational expenses over equal monthly payments.  Available through Tuition Management Systems at www.afford.com/crown. For more information contact the Student Billing Office at 952-446-4126.

Alternative loan application