Loans include funds for school that MUST be repaid. The following loans are available for Central Penn students.

Direct Student Loan

The Federal Stafford Loan is a loan program in which students have an opportunity to take a loan in their own name with no co signers or credit check.

• Must be a U.S. citizen or permanent resident
• Must be at least half-time
• Must be degree seeking
• First payment due 6 months after graduation or withdrawal or less than ½ time status
• Up to 10 years for repayment
• Must complete Free Application for Federal Student Aid (FAFSA), Central Penn Financial Aid Form and all other forms requested by the Financial Aid office

Earned Credits	Dependent Student	Independent Student
0 - 35 credits	$3,500*	$9,500
36 - 71 credits	$4,500*	$10,500
72 - 107 credits	$5,500*	$12,500
108+ credits	$5,500*	$12,500

*Dependent Students are eligible for an additional $2,000 unsubsidized Stafford Loan money.

To apply for the Direct Student Loan click here:
https://studentloans.gov/myDirectLoan/index.action

ENTRANCE COUNSELING - All students are required to complete entrance counseling before loan money can be disbursed to the college.  Entrance Counseling can be completed at https://studentloans.gov/myDirectLoan/index.action

EXIT COUNSELING - All student are required to complete exit counseling once they graduate, withdraw or drop below six credits. Exit counseling can be completed at https://studentloans.gov/myDirectLoan/index.action

Direct PLUS Loan

The PLUS loan is for parents who want to borrow funds to help pay for their student's education. Parent must demonstrate credit worthiness for this program. Central Penn's Financial Aid Office can do a PLUS pre-screening to see if a parent qualifies. If PLUS Loan is denied, the student may borrow up to an additional $6,000 on their Stafford Loan. Please call today!

Eligibility Requirements:

• Parent must be a U.S. citizen or permanent resident
• Parent is the borrower and must be credit-worthy
• Student must be at least half-time and degree seeking
• May borrow difference between cost and other financial aid awards
• First payment begins 60 days after final disbursement of the loan
• Certain lenders allow you to defer until the student is out of school, contact the Financial Aid Office for more information
• Up to 10 years to repay
• Variable interest rate up to 9% (current fixed rate is 8.5%)

Private/Alternative Loans

Private/Alternative Loans are designed to help families bridge the gap between direct costs and the financial aid received. Central Penn has agreements with several private loan lenders. The loans vary in interest rates, repayments and conditions. In general, repayment begins at least six months after the student graduates or drops below half-time. The student is usually the borrower. A credit-worthy co-signer may be required.

PNC Solution Loan
Sallie Mae Smart Option Loan
Wells Fargo Collegiate Loan
Citizens Bank TruFit Student Loan

For additional information on loans, contact Central Penn's Financial Aid Office at financial-aid@centralpenn.edu or call 1-800-759-2727.