How to Apply for Student Loans.

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GET TO THE KNOW THE STUDENT LOAN PROCESS.

FEDERAL STUDENT LOANS

Federal Direct Loans

Federal Direct Loans are low-interest loans that offer in-school deferment for students enrolled at least half-time. Loan amounts are based on dependency status and the number of credit hours enrolled toward your DeVry degree. Eligible students borrow directly from the U.S. Department of Education.

With Direct Loans, you:

  • Borrow directly from the federal government and have a single contact―the Direct Loan Servicing Center―for everything related to the repayment of your loans, even if you receive Direct Loans at different schools
  • Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change

To learn more about Federal Direct Loans, visit studentaid.ed.gov.

Federal Direct Unsubsidized Loans

Federal Direct Unsubsidized Loans are non-need based, low-interest loans available to eligible students enrolled at least half-time. Loan amounts are based on a number of factors such as the student's cost of attendance and federal guidelines. Please visit https://studentaid.ed.gov/sa/types/loans/interest-rates for the most up to date interest rate information.

Federal PLUS Loans


STUDENT LOAN CODES OF CONDUCT

PRIVATE STUDENT LOANS

Private loans are bank loans for educational expenses and are not insured by the government. Private loans are made by a bank or lender (not the U.S. Department of Education), and many programs allow students to borrow up to the cost of attendance minus any financial aid received (including federal student loans). Terms of repayment vary depending upon the lending institution.

Lenders may perform a credit check to determine credit worthiness (income, employment, residency, etc.) before approving these loans. Some students may need a co-signer.

Because interest rates may be higher for private loans, it may be beneficial to complete a FAFSA to apply for and determine eligibility for federal loans and grants first, then borrow only what you need to pay the balance of your education costs.

Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which private student loans are not required to provide.

If you are interested in learning more about private loans speak to your Student Support Advisor. For more information on specific private loan programs contact the lender of your choice. Note that you are not limited in your choice of lenders—feel free to shop around. See below to learn about the application process.

The application process for private loans:

  1. Submit your FAFSA. If you have not submitted your FAFSA, visit studentaid.ed.gov/sa/fafsa.
  2. Review your estimated financial aid awards with your Student Support Advisor.
  3. Determine how much you need to borrow in each loan program.
  4. If you have remaining costs that are not covered by the financial aid or other grants or scholarships, you may want to consider a Private Loan. Remember to borrow wisely, and borrow only what you need for educational expenses.
  5. When you apply for a private Loan, there is a credit check process, so your loan approval, subsequent interest rate and loan fees (if applicable), are based on your credit status.

DeVry does not make any recommendations regarding lender selection. The lenders in the link below are listed in alphabetical order, and therefore do not indicate any sort of rank or preference. Students are encouraged to review each lender’s terms and conditions before selecting a lender. Lender terms and eligibility criteria sometimes change, and while all of the lenders listed below currently provide loans to DeVry students, they may not always do so. Students may choose to borrow from one of the private loan lenders listed or from any other lender.

How to Apply for Student Loans: FAQS

HOW MUCH LOAN MONEY CAN I BORROW?

The academic year amounts of your Federal Direct Subsidized and/or Unsubsidized Loans are determined by several factors such as your grade level and financial need. Your Student Support Advisor can provide detailed information based on your individual situation.


DO I HAVE TO ACCEPT ALL OF THE LOAN FUNDS I AM OFFERED?

You can reduce the amount of your loan(s) or refuse them entirely and still keep the other portions of your financial aid package. We will offer an initial award to assist with paying for tuition and related expenses that the student is eligible for and you are encouraged to only borrow what you need. A student support advisor will work with you so that you can determine what makes sense in your unique situation.


WHAT IS THE INTEREST RATE ON A STUDENT LOAN?

Please visit http://studentaid.ed.gov/types/loans/interest-rates for the most up to date interest rate information.


WHAT IS THE DIFFERENCE BETWEEN SUBSIDIZED AND UNSUBSIDIZED LOANS?

Federal Direct Unsubsidized loans are available to eligible undergraduate and graduate students. Federal Direct Subsidized loans are available only to eligible undergraduate students. The main differences between the two loans are 1) Subsidized loan eligibility is based on financial need, whereas an unsubsidized loan is not, 2) The government pays the interest on subsidized loans while the student is enrolled in school at least half-time, and 3) Subsidized loans are available only to eligible undergraduate students.


HOW OFTEN DO I NEED TO COMPLETE THE MASTER PROMISSORY NOTE (MPN)?

The Master Promissory Note (MPN) is good for ten (10) years in most cases.


WHEN CAN I EXPECT MY CREDIT BALANCE?

Disbursements occur between weeks two through five of each session. Credit balances will be mailed within 14 days from the date of the resulting credit balance on your student account. If you are eligible for a credit balance and have not received your check within 14 days of your credit balance notification, please contact us at that time.


1Student loans, grants and scholarships are available to those who apply and qualify.
FAFSA® is a registered trademark of the U.S. Department of Education