Direct Unsubsidized Loan

Federal Direct Unsubsidized Loan funding is available to all graduate students who have completed the FAFSA, enrolled as a matriculated student in an eligible degree program, registered for at least six credit hours per term, are U.S. citizens or resident aliens, and who are not in default on a prior student loan; creditworthiness and financial need are not eligibility requirements.  Students may borrow up to $20,500 annually,  Funding is available during the regular academic year (i.e., fall and spring semesters) and may be available during the summer term; to access funds during the summer term, students must complete the University’s Summer Financial Aid Application and must be registered for at least six credits during the course of the summer.  For additional information (e.g.,  current interest rates, application process, disbursement information, repayment terms, etc.) please refer to the financial aid website.  

Direct PLUS Loan for Graduate Students

Students who need additional funding after exhausting their annual Direct Unsubsidized Loan funding may borrow from the Federal Direct PLUS Loan for Graduate Students program. In addition to the general eligibility requirements noted for the Direct Unsubsidized loan, the students who want to borrow from the Federal Direct PLUS Loan for Graduate Students must also meet credit requirements for loan approval. Students may borrow up to the cost of attendance, less other financial aid awarded.  Graduate PLUS Loans are available during the regular academic year (i.e., fall and spring semesters) and may be available during the summer term; to access funds during the summer term, students must complete the University’s Summer Financial Aid Application and must be registered for at least six credits during the course of the summer.  For additional information (e.g.,  current interest rates, application process, disbursement information, repayment terms, etc.) please refer to the financial aid website. 

Monmouth University Loan Fund

This loan program is funded by Monmouth University.  Awards are made at the discretion of the Director of Financial Aid and are not renewable; the amount of the award is also at the discretion of the Director.  The terms and conditions of the loan are as follows: 

• Interest on the loan is fixed at 7% for the life of the loan and begins to accrue nine (9) months after the student ceases at least half-time (i.e., six credits) enrollment. When the student ceases half-time enrollment, he or she enters repayment.
• While in repayment, the student is expected to make quarterly payments of principle and interest of at least $120, although a minimum annual payment of 10% of the principle is required.
• The maximum repayment term is ten years and there is no penalty for prepayment. 
• In order to accept the offer of a Monmouth University Loan, students must complete a promissory note and disclosure documents as prepared by the Financial Aid Office.

Nurse Faculty Loan Program (NFLP)

Monmouth University is ending its participation in the Nurse Faculty Loan Program effective June 30, 2024. 

Alternative Loans

Alternative financing sources are available from private lenders and are a financing option for students who either do not meet the eligibility criteria for the Direct Loan programs, or who have exceeded the borrowing limits for those programs. Generally, students may apply for a loan of up to the cost of education, as determined by the Financial Aid Office, less any other aid received.  Alternative loans are not regulated by the federal government, and the terms and conditions of the loans may vary widely among lenders and, as such, students are encourage to carefully evaluate alternative loan options.  Once you have chosen a lender, complete their recommended application process.  The Financial Aid Office will then certify the loan, and once the semester begins, funds will be forwarded to the University and credited to the student’s account.