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Other Loan Options

Sometimes families need resources beyond those indicated on the award letter to meet outstanding costs. In addition to the Hope Payment Plan, there are loan programs available.

Loan Period Dates
Use the following dates, applying for the full year unless the student attends only one semester.

Fall 2014 & Spring 2015: 08/26/2014 to 05/01/2015

Fall ONLY 2014: 08/26/2014 to 12/12/2014

Spring ONLY 2015: 01/06/2015 to 05/01/2015

Summer 2015:
05/04/2015 - 07/24/2015

Loan Amount
The maximum loan amount is the student's
Cost of Attendanceminus
All Financial Aid Received.

If you want to include costs that exceed the typical Estimated Cost of Attendance (such as tuition charges in excess of 16 credits for a semester) contact the Office of Financial Aid.

Financial Aid and Loans
Apply for financial aid using the FAFSA (www.fafsa.gov) to determine your eligibility for federal, state and institutional assistance before considering the PLUS Loan or a private student loan.

For information about federal aid versus private loans, see Federal Aid First.

Federal Direct PLUS Loans
Parents or stepparents may apply for this loan that requires a simple credit approval process. (If the parent is denied, the student may request additional unsubsidized Federal Direct Loan.) Repayment begins after the full loan is disbursed but the borrower may request postponement of interest and/or principal while the student maintains at least half time enrollment. Interest accrues if not paid and is added to the loan balance prior to starting full payment. Parents must reapply each year. For more details, click here.

Private Educational Loans
These loans offer choice of lender, various terms and other features. Because they are based on consumer credit, students generally need a credit-worthy cosigner. Students must reapply each year. There are many private loan companies, banks, and credit unions offering educational loans. Just be sure to pick one that requires school certification to receive the best availalbe terms.

FASTChoice- an interactive online program allows you to view the features of and compare various private loan products. It also provides simple but critical information about types of funding and money management. You are not limited to borrowing from the products displayed.

One step in the private loan application process requires student applicants to submit a Self-Certification Form. The lender will provide the form to you. Obtain the information needed from your KnowHope Plus Account. Go to the Financial Aid section, select Aid Awards, Award Year, then Award Overview.

MORE RESOURCES
Hope College Resource Planner
Student Loan Borrower Resource Guide
Questions to ask about private educational loans
The Consumer Financial Protection Bureau (CFPB)- If you have questions or complaints about a debt collector, lender, or servicer, go online or call the toll-free hotline (855-411-CFPB). More about the CFPB's complaint system.