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.  Changes can be made up to 30 days after the loan has disbursed (been applied) to a student’s account.

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
  • When applying for a loan you will need to enter the loan period or the terms in which the loan will be used.  The amount you borrow will be split evenly between the terms you indicate on your application. For example, if you include fall and spring dates, your loan will split evenly in half.  Use the loan period listed below:
2017-2018 Year Beginning of Term End of Term
Summer 2017 05/08/2017 08/18/2017
Academic Year 2017-2018 09/06/2017 04/27/2018
Fall Only 09/06/2017 12/22/2017
Spring Only 01/08/2018 04/27/2018
Summer 2018 05/07/2018 08/17/2018

 

2016-2017 Year Beginning of Term End of Term
Summer 2016 05/09/2016 08/19/2016
Academic Year 2016-2017 08/29/2016 04/28/2017
Fall Only 08/29/2016 12/16/2016
Spring Only 01/09/2017 04/28/2017
Summer 2017 05/08/2017 08/18/2017

 

  • 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 are requesting that a credit refund be issued to the parent, please review the Credit Refund Policy to make sure you understand when a parent would receive a refund.

If you need to change your requested PLUS Loan Amount after you have submitted your application please click the following link.  Changes can be made up to 30 days after the loan has disbursed (been applied) to a student’s account.

 

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.
  • When applying for a loan you will need to enter the loan period or the terms in which the loan will be used.  The amount you borrow will be split evenly between the terms you indicate on your application. For example, if you include fall and spring dates, your loan will split evenly in half.  Use the loan period listed below:
2016-17 Beginning of Term End of Term
Summer 2016 05/09/2016 08/19/2016
Academic Year 2016-2017 08/29/2016 04/28/2017
Fall Only 08/29/2016 12/16/2016
Spring Only 01/09/2017 04/28/2017
Summer 2017 05/08/2017 08/18/2017

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