Types of Loans
The two federal loan programs that the Office of Financial Aid uses to fulfill the loan component of the financial aid package are the Stafford Student Loan and the Perkins Loan. These are low-cost, fixed-rate loans that can be repaid over a period of 10 years after the student either graduates or leaves the college. Eligibility for these loans is determined based on the FAFSA. The maximum loan amounts under the Stafford program are $3,500 for first year students, $4,500 for sophomores, and $5,500 for juniors and seniors.
Parent PLUS Loan (Parent Loan for Undergraduate Students) is a federal loan program for parents of undergraduate students. This is a fixed-rate loan that parents can choose to help finance their contribution. The maximum amount that parents can borrow under this program is the “cost of education” minus the total financial aid award. To learn more about all federal education loans, visit the Federal Student Aid website.
The Citiassist Global Loan Program is offered to international students in cooperation with Citibank. The student does not need to have established credit, nor does the student need a co-borrower. To learn more about this program, visit the Citiassist website.
Alternative/Private Education Loan is a student loan of last resort. This is a private loan that the student can take out if the parent is not able to pay with a PLUS loan or other means. Student should only borrow what they need above the Stafford loan borrowing limits. If you have questions about which loan you should take or the amount you can borrow, please call the Office of Financial Aid at 845.437.5320.
Note of Caution: Stay away from Direct-to-Consumer Educational Loans that do not require certification of eligibility by the Financial Aid Office. You could find yourself with a high interest loan and an unmanageable debt load. If you are under financial pressure, please call or visit the Office of Financial Aid at 845.437.5320 to discuss your options.
Researching Loans and Lenders
If you are offered a loan as part of your financial aid award, you have the right to select any lender that participates in the loan program(s) specified in your package. To help students and their families evaluate their lender options, Vassar participates in ELMSelect, a website that provides comparative information on Vassar’s recommended lenders and their loan products. The choice of a lender is not in any way limited to Vassar’s recommended list. If students and their parents choose another lender, they will not be penalized in any way for selecting the lender of their choice.
ELMSelect When you log onto the site, read and accept the User Agreement. To access Vassar’s recommended lender list, select New York from the state list and Vassar College from the college list.
Processing Requirements for Federal Loans
Entrance Interview: Students who choose to borrow under the Federal Stafford Student Loan and/or the Perkins Loan programs are required to complete an entrance interview prior to the processing of the loan. Complete this requirement online at Mapping Your Future. Select “Student Loan Counseling” and then “Stafford and Perkins Combined Entrance” and follow the instructions.
Master Promissory Note: Students who borrow under the Perkins Loan program are required to complete a Master Promissory Note. Complete this requirement online at IPromise. Click on “enter here” and follow the instructions.
If you have any questions or concerns about the loan portion of your financial aid package, please call the Office of Financial aid at (845) 437-5320 or email FinAid@Vassar.edu.
