When borrowing for the cost of education, there are a variety of loan options to consider. The following information describes the options available for undergraduate and graduate students and provides links for completing the necessary documentation.
Undergraduate
Direct Subsidized and Unsubsidized Loans
These are loans available to students from the U.S. Department of Education. A FAFSA must be filed at www.fafsa.gov to qualify for Direct Subsidized and Unsubsidized Loans. If a FAFSA is filed, these loans will automatically be added to a student's financial aid award package based on eligibility per federal regulations.
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To learn more, visit studentaid.ed.gov/types/loans/subsidized-unsubsidized.
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To receive this funding, visit https://studentaid.gov/h/complete-aid-process and complete both the Entrance Counseling and Master Promissory Note (MPN). You will use your student FSA ID to log in. Both the entrance counseling and MPN are only completed when borrowing Direct Loans for the first time and do not need to be completed again in subsequent years.
Direct Parent PLUS Loans
These are loans that a parent (or step-parent) can borrow on behalf of their student. A FAFSA must be filed at www.fafsa.gov in order to borrow a Direct Parent PLUS Loan.
- To learn more, visit studentaid.ed.gov/types/loans/plus.
- To apply, visit https://studentaid.gov/app/launchPLUS.action?plusType=parentPlus. You will use your parent FSA ID to log in. Once the application is complete you will also need to choose the “Parent PLUS MPN” option under “Complete Aid Process”. "
Private Student Loans
These loans are offered through private lenders. Private loans are in the student’s name, but require a cosigner and a credit check of the cosigner to determine eligibility.
Visit ELMSelect to view a list of lenders used most frequently by our students. You are not limited to the lenders listed. We work with all private loan lenders. If you choose to work with a lender that is not listed, please notify us so we may process your loan promptly.
Private Parent Loans
Private parent loans are offered through private lenders. These are private loans that a parent or sponsor can borrow on behalf of a student and a credit check is used to determine eligibility.
To learn more about the private parent loan lenders used most frequently by students and their families please visit ELMSelect. You are not limited to the lenders listed. We work with all private loan lenders.
Graduate Students
Direct Unsubsidized Loans
These are loans available to students from the U.S. Department of Education. A FAFSA must be filed at www.fafsa.gov to qualify for Direct Unsubsidized Loans. If a FAFSA is filed, these loans will automatically be added to a student's financial aid award package based on eligibility per federal regulations.
- To learn more, visit studentaid.ed.gov/types/loans/subsidized-unsubsidized.
- To receive this funding, visit https://studentaid.gov/h/complete-aid-process and complete both the Entrance Counseling and Master Promissory Note (MPN). You will use your student FSA ID to log in. Both the entrance counseling and MPN are only completed when borrowing Direct loans for the first time and do not need to be completed again in subsequent years
Direct Grad PLUS Loans
These are loans that a graduate student can borrow to assist with educational expenses. A FAFSA must be filed at www.fafsa.gov in order to borrow a Direct Grad PLUS Loan.
- To learn more, visit studentaid.ed.gov/types/loans/plus
- To apply, complete this form. If you do not yet have an ONU email account, please contact the financial aid office to apply. Then, visit https://studentaid.gov/app/launchPLUS.action?plusType=gradPlus. You will use your student FSA ID to log in. Once the application is complete you will also need to choose the “Grad PLUS MPN” option under “Complete Aid Process” and, if you haven't done so already, "Complete Entrance Counseling."
Private Student Loans
These loans are offered through private lenders. Private loans are in the student’s name, but often require a cosigner and a credit check of the cosigner to determine eligibility.
Visit ELMSelect to view a list of lenders used most frequently by our graduate students (law students, MSA students, or fifth- and sixth-year pharmacy students). You are not limited to the lenders listed. We work with all private loan lenders.
