Loans

Student Loans

Spalding students may be eligible for loans through private and/or federal lenders. Loans must be repaid and will accrue interest over time. Spalding encourages all students to explore their options carefully. 

Before pursuing loans, determine your eligibility for financial aid awards that do not have to be paid back. File the Free Application for Federal Student Aid (FAFSA) and research both grants and scholarships. 

Federal Loans

Federal Direct Student Loans

Federal Direct Student Loans are low-interest funds borrowed directly from the U.S. Department of Education. They are available to undergraduate and graduate students, who are enrolled in college at least half time. There are two types of federal student loans:

1. Subsidized loans are available to undergraduate students. The government pays the interest while you are enrolled in college at least half time with degree-seeking status or during authorized grace periods or deferments. Award amounts are based on financial need and class standing (year in school).
   
2. Unsubsidized loans are available to undergraduate and graduate students and are not based on financial need. You are responsible for paying the interest during all periods. If you choose not to pay the interest while you are in school,  during grace periods, deferment or forbearance periods, your interest will accrue and be capitalized (interest is added to principal balance). Award amounts are based on the cost of attendance minus other sources of aid.

Federal Direct (PLUS) Loans (Parents or Graduate Sudents)

The Federal Direct (PLUS) Loan program is for parents of undergraduate students or graduate students enrolled at least half time. The maximum amount that a parent or graduate student can borrow is the cost of attendance minus other sources of aid. To qualify, you must meet the general eligibility requirements for federal student aid and not have an adverse credit history.

Private Loans

Spalding University strongly encourages students and their parents to utilize other sources of funding—federal loans, scholarships and grants—before considering private/alternative funding. If you’ve exhausted all other resources, you can request an alternative loan at FASTChoice.