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Types of Aid

Available financial assistance includes loans and work-study. Any combination of these might make up your financial aid package, so it’s important for you to know what they are.

Loans
An educational loan is a form of financial aid that must be repaid, with interest. Educational loans come in three major categories: federal student loans, federal graduate PLUS loans, and private student loans (offered through a private lender). 

Federal student loans are often the most affordable loans available to students. They have fixed interest rates and their principal and interest payments are deferred until after graduation. There are other financing options (payment plans, PLUS loans, and private educational loans) you may also consider.

Graduate Loan Comparisons
Loan Type Federal Direct
Unsubsidized Loan 		 Federal Direct Graduate /Professional PLUS Loan  Private Loan
Interest Rates • 6.54% fixed rate (for loans disbursed from 7/1/22-6/30/23)  • 7.54% fixed rate (for loans disbursed from 7/1/22-6/30/23) • Varies
Eligibility  • Must complete FAFSA
• At least half time enrollment 		 • Must complete FAFSA
• Must be a graduate or professional student
• At least half time enrollment
• Must be credit-worthy 		 • Varies
Lender • U.S. Department of Education • U.S. Department of Education • Varies
Loan Amount • $20,500 • Total cost of attendance minus all other accepted aid • Varies
Aggregate Limits • $138,500
• The graduate debt limit includes loans received for undergraduate study. 		 • None • Varies
Fees

• 1.057% On or after Oct. 1, 2022, but before Oct. 1, 2023

• 4.228% On or after Oct. 1, 2022, but before Oct. 1, 2023

 • Varies
Principal Repayment • 6 months after graduating or dropping below half-time enrollment  • 60 days after final disbursement per loan
• Current students may request an in-school deferment		 • Varies
Other Considerations • No co-signer needed
• May consolidate
• No credit check required
• Accrues interest while in school
• May postpone in-school-interest payments 		 • Borrower must pass credit check
• If credit check fails, an endorser may be obtained
• Borrower is responsible for repayment
• May consolidate 		 • Varies
• Please use FastChoice to review private loan programs 
Additional Information • U.S. Department of Education • U.S. Department of Education • FastChoice: private alternative loan options 


Federal Work-Study
Federal work-study: Administered by the office of financial aid, work-study funds allow you to secure a job on campus and are based on need. The dollar amount indicated in your award letter is the estimated amount you’ll be able to earn on campus during the academic year. 

SNC student employment: We also offer employment opportunities funded by St. Norbert College that isn't based on need.

Wages for SNC student employment and federal work-study are paid bi-weekly based upon hours worked and can be credited to your bill if you complete a Student Payroll Authorization Form with the bursar office, or can be directly deposited into a bank account if you complete a Direct Deposit Authorization Form with the payroll office.

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