About Manchester

Loans - The Simple Facts

LOANS - The Simple Facts

Federal Direct Student Loans

  • Student eligibility listed on Award Notification
    • Students must be enrolled at least half time (six or more credit hours) to receive loan funds
    • Interest Rate
      • Subsidized – 3.76% fixed rate
      • Unsubsidized – 3.76% fixed rate
    • Fees - 1.069% origination fee
      • Calculate net amount received by the school
        Loan amount X .98931 = net amount received by the school
    • Payments begin six months after the student leaves school, graduates or drops below half-time status

  • Student is the borrower
    • Complete online loan Entrance Counseling Session
    • eSign a Master Promissory Note (MPN)

Federal Parent PLUS Loans

  • Parent eligibility listed on Award Notification
    • May borrow up to the cost of attendance minus all financial aid options
    • Interest Rate
      • 6.31% fixed rate
    • Fees - 4.276% origination fee
      • Calculate net amount received by the school
        Loan amount X .95724 = net amount received by the school
    • Payment begins 60 days after second (or last) disbursement for academic year
      • Deferment and/or forbearance options available
        • Must apply yearly

  • Parent is the borrower
    • Parent Loan for dependent Undergraduate Student
      • Biological, adoptive or step-parent
    • Yearly application process
      • Complete Pre-Approval
        • Credit based loan, may apply with an Endorser
    • eSign Master Promissory Note (MPN)

  • Parent PLUS Denial
    • Allows additional unsubsidized eligibility for undergraduate student

Private Educational Loans

    • Loan in student’s name with credit worthy cosigner
    • Variable and fixed interest rates
    • Lender specific benefits