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 be making satisfactory academic progress towards a recognized degree to qualify.  

Since all student and parent loans must be repaid, students and parents are encouraged to borrow only what they need and only what they 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.

Specific Loan Instructions

-To obtain application instructions and further information please select the loan type you would like to authorize below:

Monthly Payment Options

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. For more information contact the Student Billing Office at 952-446-4126.

Loan Counseling

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

Direct Subsidized and Unsubsidized Stafford Loans*

There are two types of Stafford Loans: Subsidized and Unsubsidized.  The Subsidized 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 and also during a six month grace period.  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 once they enter repayment.  Students must complete the FAFSA to receive consideration for this loan.  The interest rate for Stafford Loans disbursed from July 1, 2010 to June 30, 2011 is 4.5% for Subsidized and 6.8% for Unsubsidized Stafford Loans.

Federal Perkins Loans*

Federal Perkins Loans are awarded to students with exceptional financial need.  Crown College has a very limited amount of these funds to award, and students receiving this loan must borrow their full Stafford Loan eligibility first.  With this loan the Federal government pays the interest until repayment begins nine months after a student graduates or drops to less than half-time.  The current interest rate on the Perkins Loan is 5%

Direct Parent PLUS Loans*

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.  If a parent is denied a PLUS loan due to credit, the dependent student may qualify for additional Unsubsidized Direct Stafford loan funding.  The PLUS loan offers a fixed interest rate of 7.9% for the 2010-11 academic year.

Private Alternative Student Loans

Private alternative student loans are available to help students cover the gap between other financial aid and the school bill.  Most feature variable interest rates which may be based on credit.  Students are responsible for all interest that accrues while enrolled, and co-signers may be required.

*Institutions that enter into an agreement with a potential student, student, or parent of a student regarding a Title IV, HEA loan are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.