Student Loan Opportunities
Students are encouraged to borrow only what they need and to seek outside scholarships and save summer earnings in order to reduce overall indebtedness. With a variety of student loan options available to full- and half-time students, the Office of Financial Aid will work with you to determine the best loan option(s) for you and your family.
Student Federal Loans
Augustana University participates in the Federal Direct Loan Program and the Federal Perkins Loan Program for students. Information and application procedures below:
Augustana University participates in the Federal PLUS Loan Program and other private parent loan programs. These loans can be used to replace the family contribution and cover any educational expenses not covered by scholarships, grants, and other need-based aid.
Student Private Alternative Loans
Private, alternative Loans are loans not guaranteed by the Federal Government and are not awarded as part of a student's financial aid package. The borrower (either student or parent) may borrow such a loan through various participants such as banks or credit unions to help cover educational expenses. Students should exhaust their eligibility in the federal loan programs before borrowing through a private student loan program.
Processing Tips for Alternative Loans:
- Processing time will take from 20 to 30 days from application to disbursement due to new truth in lending regulations.
- Loans are disbursed half in each semester. Plan your annual financial needs by June and complete the loan process by August 1 to avoid delays in processing.
- Utilize the online application processes whenever possible.
Augustana University Business Office will work with families who would like information on a semester based or 9-month payment plan.