Types of loans: (Click on the appropriate link, or scroll down, for more information)Federal Direct Stafford Loans, including Subsidized Stafford Loans or Unsubsidized Stafford LoansFederal Perkins LoansParent PLUS Federal Direct LoanPrivate Student LoansFree Application for Federal Student Aid (FAFSA)
You must file the FAFSA to be eligible for federal student or parent loans. Online application requires a PIN for both you and a parent (if you are a dependent student).
FAFSA forms should be submitted after January 1 for the fall semester. Some funding is limited, so for priority processing, submit the FAFSA as soon as possible. Make sure to include Olivet’s school code: 001741.
You must submit a new FAFSA each school year to be eligible for state and federal financial aid. The FAFSA is not required for admission to Olivet. Federal Direct Stafford LoansThere are two Stafford Loan programs, subsidized and unsubsidized. All students who wish to borrow through either of the Stafford Loan programs must complete the FAFSA each year. Ability to participate in the subsidized Stafford Loan program is based upon calculated need. A maximum of $23,000 during the time required to achieve an undergraduate degree may be borrowed by a qualified dependent student.
Steps for obtaining a Stafford Loan:
Federal Perkins LoanOlivet Nazarene University participates in this student loan program sponsored by the U.S. Department of Education. A maximum of $15,000 in four years of undergraduate study may be awarded in these loans. A FAFSA must be submitted annually for evaluation of need. Until the ONU Annual Authorization of Perkins Loan funds (determined by the U.S. Department of Education) have been exhausted, the limited funds are available only to students who have borrowed the maximum Stafford Loan for that term.
Click here for online loan counseling.
Parent PLUS LoanThis federal loan is available to credit-worthy parents for their child’s educational expenses. If a parent is denied a PLUS loan, the student may be eligible for additional Unsubsidized Stafford Loan funds. More detailed information may be obtained from the Olivet Office of Financial Aid.
Notes about obtaining a Parent PLUS Loan:
Private Student Loans
Outside loans are available based on a student’s credit-worthiness, and may require a co-signer. Search the Internet for “Private College Loans.” These are student-initiated loans in the student’s name. A co-signer is usually required for these loans, and they have mostly adjustable rates (U.S. citizen with acceptable credit score).