Exploring Your Financial Aid Options
Paying for college can feel overwhelming, but understanding your financial aid options is the first step toward making smart, sustainable choices.
At Manchester University, we encourage students to begin with federal grants & loans, which are awarded based on your FAFSA and offer low-interest rates, flexible repayment terms, and even non-repayable aid in the form of grants.
Once you’ve explored federal aid, private student loans —offered through independent lenders—can provide additional support.
Federal Grants & Loans
Filing the FAFSA unlocks potential for both grant aid and direct loans from the U.S. Department of Education’s Office of Federal Student Aid.
Grants may be used for educational expenses and do not require repayment of any kind. Federal Direct Loans are easy to obtain for students and parents alike and offer flexible repayment options.
Federal Grant Programs
The Office of Federal Student Aid (within the U.S. Department of Education) processes your FAFSA and awards eligibility to its aid programs. The website https://studentaid.gov/types/grants-scholarships walks you through the types of available programs, terms of eligibility and process.
Federal Direct Loans
You must complete the Free Application for Federal Student Aid (FAFSA) first. File your FAFSA here.
Accessing these loans requires that you file your FAFSA. You’ll work directly with Manchester to seek approval (when necessary), complete registration and handle distribution of funds.
- For Students: You will be automatically eligible for loans once your FAFSA is processed. These loans allow you to defer payment while in school and have both long-term and income-based repayment options.
- For Parents: You can seek approval for a PLUS Direct Loan. These loans may be deferred while your student is enrolled and offer 10-year repayment plans.
Federal Direct Loans Subsidized and Unsubsidized
Subsidized Loan – Subsidized Loans are available to undergraduate students with financial need and are enrolled at least half-time (6 credit hours). Students are not required to pay the interest on the loan while enrolled at least half-time or for the first 6 months after they leave school.
Unsubsidized Loan – Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. Students are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
Required steps for student to complete:
- Go to StudentAid.gov.
- Log in using your FSA ID username and password.
- Go to Checklists.
- Select I’m in School.
- Complete a Master Promissory Note (MPN) to take out a federal student loan.
- Complete entrance counseling before getting a student loan.
For more information, click here.
Federal Direct PLUS Loan for Parents
PLUS Loan for Parents – The loan can help pay for education expenses not covered by other financial aid. The loan is in the parent’s name. The parent must be the biological or adoptive parent (or in some cases, the stepparent) of a dependent undergraduate student enrolled at least half-time at an eligible school.
Required steps for parent to complete:
- Go to StudentAid.gov.
- Log in using your FSA ID username and password.
- Go to Checklists.
- Select I’m a Parent.
- Apply for a parent PLUS Loan to help pay for your child’s education expenses not covered by other aid.
- Complete a Master Promissory Note (MPN) for a parent PLUS loan.
For more information, click here.
Private Student Loans
Private loans, sometimes called alternative loans, are available from private lenders and offer additional financial assistance. A credit check is required for private loans and some of the loan terms and conditions may be based upon your credit standing. If you are a student, please know that most lenders will require a co-signer.
Carefully consider your needs before you borrow. We recommend that you exhaust all federal grant and loan programs before you consider a private loan.
Student Financial Services will process a private loan from any lender of your choosing. The lender is not required to be listed in the links below. The lenders reflected in the links below are those being utilized by students attending Manchester University. Manchester University has no affiliation with any private lenders and financial aid employees abide by an established Code of Conduct.
Unlike federal loans, private lenders set the terms for the loans, which can mean they have different criteria for both loan eligibility and loan rates. Before you decide to apply for a private student loan, we encourage you to research all of your options and keep a few things in mind:
- Private student loans have a range of interest rates, fees and repayment options.
- We strongly encourage you to apply with a credit-worthy cosigner to both increase your chances of being approved for the loan and to obtain a better interest rate.
- Interest rates can either be fixed or variable:
- Variable rates can increase or decrease over time, depending on market conditions.
- Interest rates on private loans may depend on your and/or your cosigner’s credit rating.
- Before accepting any private student loan, you should determine the interest rate and any fees associated with the loan.
- Borrowers who choose more than one lender to fund their postsecondary education will have multiple student loan payments upon leaving school. It can be advantageous and economical to consider using the same lender for all of your private education loan needs.
- Initially apply to multiple lenders. Student loans are provided special protections under the credit reporting rules as long as long as students conduct their ‘shopping’ within a 30 day period, there should be no impact on their credit rating and no impact on their loan terms.
If you have general questions about private loans, please contact our office. However, please remember that we cannot offer assistance on choosing a lender or product. Each family’s circumstances are unique and the loan terms and benefits offered to you may be dependent upon your specific credit standing.
The Truth in Lending Act requires a lender to obtain a self-certification signed by the applicant before disbursing a private education loan. If you have not provided a signed copy of the Applicant Self-Certification form to your lender or access the form online.
Compared Private Lenders
The tools below allow you to compare lenders and are provided to assist you in the process.. This is not comprehensive listings of lenders. You can use any lender of your choosing.
Federal financial aid can be a lot to comprehend. Reach out to your Manchester admissions counselor to discuss your questions.