Federal Loans

Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.

Private Alternative Loans

Students looking for additional financing after they have exhausted their federal loan eligibility, may want to consider private alternative loans.

Learn More

  • Federal Loans

    William D. Ford Federal Direct Loan Program

    Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. To receive a Direct Student Loan the student must complete the FAFSA.

    Federal Direct Loan (Subsidized and Unsubsidized) Requirements

    Direct Loan Entrance Counseling - All new Direct Loan borrowers must complete entrance counseling before the school can make the first disbursement of your loan. This helps you to understand your responsibilities regarding your loan. The entrance counseling is online and takes approximately 30 minutes.

    Direct Loan Master Promissory Note (select MPN for Subsidized/Unsubsidized loans) - To take out a Direct Loan for the first time, you must complete a Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s). We ask that you complete the MPN online using the MPN Link above. 

    Log in with your Federal Student Aid ID and password to complete the above Federal Direct Loan requirements.

    • Direct Loans awarded will be canceled by September 15, 2018 if Entrance Counseling and MPN are not completed.
    • If you do not intend to utilize the Direct loans for the 2018-2019 academic year, you must notify the Office of Financial Aid in writing.

    PLUS Loans

    Direct PLUS Master Promissory Note (select MPN for Parent PLUS Loans) -First time PLUS borrowers must complete a PLUS Loan Master Promissory Note (MPN). The MPN is a legal document. By completing the MPN you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). You must complete the MPN online using the MPN Link above (parent borrower logs in with their parent Federal Student Aid ID and password).  Please be aware that the Department of Education will perform a credit check on the borrower.

    In addition to the PLUS Master Promissory Note, parent borrowers must complete a PLUS Loan Application each year. The application can be found by logging into www.studentloans.gov with the parent borrower's Federal Student Aid ID and password and selecting "Request PLUS Loan." This application will allow parent borrowers to indicate the amount of the PLUS loan. This application must be completed each year. Please keep in mind that the amount requested will be divided evenly between the two semesters.

    Processing PLUS Loans

    • Student and parent must complete and sign the FAFSA. 
    • Parent borrowers must complete the Direct PLUS Master Promissory Note at: www.studentloans.gov
    • Parent borrowers must complete the Direct PLUS application by selecting "Request a PLUS Loan". This will provide the school with information about the amount that you are requesting as well as complete the required credit check. The Office of Financial Aid will certify the loan to the requested amount or the maximum amount allowed based on eligibility.
    • If the parent borrower is denied the loan and wishes to appeal or challenge the decision, the borrower must specify that choice on the loan request.
    • If denied the PLUS and the borrower wishes to discuss the denial or appeal the decision the borrower may contact the Department of Education at 800-557-7394.
    • To pursue the loan with an endorser (cosigner):
      • The endorser must apply  at www.studentloans.gov (logging in with their Federal Student Aid ID and password).
      • The endorser will need to complete the "Endorse a PLUS loan" section on the student loan website.
      • The parent borrower for the endorsed loan must complete PLUS Credit Counseling at www.studentloans.gov
  • Private Alternative Loans

    Students looking for additional financing after exhausting their federal loan eligibility, may want to consider private alternative loans. The terms and conditions of these credit-based private loan programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program.
    Lender Comparison Tool

    The Saint Anselm College's Lender Comparison Tool provides a side by side comparison, contact information, and full disclosure statements for private lenders.
    (A contracted 3rd party loan comparison site managed by ELM Resources)

    Required Form for Private Loans

    • Private Loan Applicant Self Certification form (PDF/196KB)
      Submitted to the lender, typically as part of their on-line application process. Regulations require all private loan borrowers to complete, sign, and return a Private Loan Applicant Self-Certification form to their lender before any funds may be disbursed to the school. This form was designed to assist students in making an informed decision about borrowing, giving students the opportunity to review information about their financial aid eligibility. This form may be part of the online application process with your lender, or it may be a paper form that you must submit to your lender. Your lender will inform you of their process. The Self-Certification form requires information about the borrower as well as the Cost of Attendance (COA) for the loan period covered by the loan. From the COA, you will deduct the amount of your estimated financial aid, and the amount remaining will be the total that you are able to borrow from your private loan lender.

    Check List for Processing Private (Alternative) Loans

    Due to increased requirements for processing alternative student loans, students are encouraged to begin the process early. Final approval for a private loan could take up to 30 days. To ensure that financing is in place when the first semester bills are due, it is important for the student to start the process as early as possible.

    • Choose a lender for your alternative loan. 
    • Select a co-signer for your loan. This is generally a parent; however, any credit-worthy person may be your co-signer. 
    • Complete the loan application (generally online). 
    • Review the first disclosure statement provided by the lender outlining general terms of the loan. 
    • Complete the Self-Certification Form (provided by lender or see above). 
    • Review the second disclosure statement provided by the lender upon loan approval. The student must acknowledge and accept the terms provided. 
    • The Office of Financial Aid will certify the first private loan that we receive.

    Saint Anselm College adheres to the NASFAA Code of Conduct and Statement of Ethical Principles based on the Higher Education Opportunity Act of 2008.