Undergraduate Loan Options

Please read all information carefully. For important information on loan fees and interest rates, please view the Undergraduate Loan Chart.

Federal Stafford and PLUS Loan Application Process

Stafford Loan Application

Important – Students who have previously completed the Stafford Loan Master Promissory Note (MPN) and Entrance Counseling will receive the full amount of their Stafford loans unless the Student Loan Change Request is submitted.

Students, who wish to borrow their Stafford Federal Loans are required to complete the following steps.  If you are not sure whether you have completed this, please review your financial aid documents through Track Your Financial Aid (Augnet login required).

Go to www.studentloans.gov and sign in

  1. Complete the Stafford Loan Entrance Counseling
  2. Complete the Stafford Loan Master Promissory Note (MPN)

PLUS Loan Application (Parent Loan)

Parents, there are two steps necessary to apply for a PLUS loan:

Parents will go to www.studentloans.gov and sign in

  1. Request a PLUS Loan
    • Remember, the amount you borrow will be split evenly between the terms of the year. For example, if you borrow $4500, your loan will split evenly, $2,250 for fall and $2,250 for spring.
    •  There is an origination fee. Review the Loan Calculator to help determine how much you will need to borrow.
  2. Complete the PLUS Loan Master Promissory Note (MPN).

If you need to change your requested PLUS Loan Amount after you have submitted your application please click the following link. 

 

Private Loan Options

Private alternative loans should be utilized only after all other financial aid resources have been exhausted. Private loan interest rates may be variable or fixed. Rates are often based on credit strength of applicant and or cosigner. Please follow the steps listed below to apply for a private alternative loan.

  1. Research and choose your lender. You may look at Augsburg’s lender list or view other private alternative loan options(please note: students have the option to choose a lender not listed on Augsburg’s lender list)
  2. Apply for the loan, following the steps the lender provides.
  3. Private loans can take 2-3 weeks to process.  It is recommended that students begin applying for private loans before the semester starts.
  •  Remember that the amount you borrow will be split evenly between the terms of the year. For example, if you borrow $4500, your loan will split evenly, $2,250 for fall and $2,250 for spring.

*For information on how Augsburg selects lenders listed on the preferred lender list, view our Preferred Lender Arrangement Form.*