Student Loans

Loans specifically for nursing students, designed to cover tuition and fees for eligible programs. 
The Nursing Student Loan programs provide long-term, low-interest rate loans to undergraduate students who have been admitted into the nursing program and have filed their FAFSA by December 1. 

If your financial aid award includes a Nursing Loan, it will be automatically "accepted" in MyAkron on your behalf but the funds cannot be applied to your student account until these documents are completed and returned to the Office of Student Accounts (not Student Financial Aid): 

• Statement of Rights and Responsibilities
• Personal and Confidential Information Sheet
• Master Promissory Note
• Truth in Lending Statement 

Documents are available here. 

If you are not interested in using the Nursing Loan that has been offered to you, please decline it via MyAkron. (Check the box in the "Decline" column, click "Submit," and click "Yes" to continue. If the process has been completed successfully, a "Submit Confirmation" page will appear. 

Federal loan available to parents of dependent undergraduates. Application is separate from MyAkron. 
 
Students must complete the FAFSA to be eligible for this loan program. Only parents of dependent students can apply for a PLUS loan. The applicant is the student's parent, who is responsible to begin repayment almost immediately upon disbursement.  

Review maximum PLUS loan eligibility by viewing the estimate on your award letter or in the Student Center of MyAkron. 
Parents of dependent students may apply for the PLUS loan at studentaid.gov. The parent applying for the loan must sign into studentaid.gov with the FSA ID (username and password) they used to sign the FAFSA. The student cannot be signed into studentaid.gov to have the parent apply for this type of loan. This is a very common error and will delay our ability to process the PLUS loan request. 

More help: Step-by-step instructions (PDF) 

Once approved, the parent must complete the Master Promissory Note at studentloans.gov. 
If the parent is denied a PLUS loan because of an adverse credit history, he or she will have the option to do any of the following in order to attempt to be approved: 

1. complete PLUS counseling,
2. obtain an endorser who does not have an adverse credit history, or document to the satisfaction of the U.S. Department of
3. Education that there are extenuating circumstances related to the adverse credit information. 

This information is available at studentaid.gov. 

If these are not viable options for the parent, the student may be eligible to receive additional unsubsidized loan funds. Please contact our office for more information. 

Offered through financial institutions; eligibility, interest rates, and repayment vary by lender. 
 
Private Loans are generally in the name of the student; however a parent or sponsor can also be a borrower. The FAFSA is not required for these loans. Often the student is the borrower, and may need to have a creditworthy co-borrower. Interest rates, repayment plans and deferment options vary widely among lenders. Be sure to "shop" for the option that is right for your situation since these are loans that are designed to bridge the funding gap when savings, scholarships, grants, federal loans, and other resources are not sufficient. 

Please be sure to exhaust the federal loan programs (subsidized/unsubsidized/PLUS) available to you before considering a private loan. Private loans are not part of any federal student loan program.  

To research, apply, and borrow a private loan, compare lenders at FASTChoice. You will find online applications in FASTChoice too. 

As a borrower you have the right to choose any lender, credit union, or student loan processor you choose. If you would like to use a lender not available through FASTChoice, contact us. 

Federal loan for graduate/professional students. Requires separate application; interest accrues during enrollment. 

The Graduate PLUS loan, or GradPLUS loan, is a low, fixed interest rate student loan guaranteed by the U.S. government. Students must complete the FAFSA to be eligible for this loan program. The Grad PLUS loan is a non-need credit-based loan similar to a private student loan with the benefit of having a fixed interest rate and federal guarantee. The GradPLUS Loan allows graduate students to borrow the total cost for their graduate school needs, including tuition, room and board, books & supplies, and travel, less any other aid. GradPLUS payments can be deferred while you are in school. 

Graduate students apply for GradPLUS loans at studentaid.gov 

Once approved, the student must complete the Master Promissory Note at studentaid.gov 
If the student is denied a GradPLUS loan because of an adverse credit history, he or she will have the option to do any of the following in order to attempt to be approved:  

1. complete PLUS counseling,
2. obtain an endorser who does not have an adverse credit history, or
3. document to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to the adverse credit information. 

This information is available at studentaid.gov. 

Ph.D. students may qualify for certain federal and institutional loans. Consult Financial Aid for eligibility requirements. 

A full load of coursework at the graduate level is nine to fifteen semester credits. Doctoral students who are in their final semester of study can receive loans if they have completed all degree requirements except the dissertation. For international students participating in curricular practical training (CPT) and/or academic training (AT) opportunities of 30 or more hours per week with approval from the international center, one or more graduate hours constitute full-time enrollment. Students are required to complete the Request to be Considered Full-time with Less than Nine Credit Hours Form. 

All loans are subject to federal disclosure rules. Review terms, interest rates, and repayment options carefully. 

University of Akron students and parents should be aware that if they enter into an agreement regarding a Title IV, HEA loan that information will be disclosed to NSLDS and will be accessible by authorized agencies, lenders, and other post-secondary educational institutions. 

Student Loan Code of Conduct