Private Loans

We recommend exhausting all federal financial aid options before applying for a private loan as private loans are not regulated by North Park nor the government. They are often not as favorable as the PLUS and/or unsubsidized Stafford Loans in terms of fees, interest rates, and repayment schedules.

If you do determine that you need to access a private loan as part of your college funding plan, the following details are important to consider:

• Most dependent students will need a credit-worthy cosigner to be approved for a private loan.
• The application process and terms of the loan (interest rate, repayment terms, etc.) are set on an individual basis, and are usually related to the credit of the borrower and his or her cosigner. Make sure you read and understand all of the terms of the loan before you agree to borrow these funds.
• Some private loans require a school certification, so the loan is added to your account as pending aid and the funds are sent directly to North Park. Others do not, so the funds are sent directly to you. Once you receive loan funds that are sent directly to you, you must make a cash/check payment to North Park. Be advised that direct-to-consumer loans are often more expensive than loans that require school certification.
• ELMSelect provides a valuable tool for finding the right private loan to meet your needs.

Exit Counseling

Students who leave North Park are required to complete exit counseling for their federal student loans (Stafford, Perkins, and Nursing Loans, if applicable). While you may have already paid off your loans, made payment arrangements with your lenders and servicers, or will be continuing your education elsewhere (which means that you will not begin repayment at this time), this exercise will provide you with valuable information about your student loans.

It is likely that you have borrowed multiple types of federal and/or private loans. You may have borrowed funds from a variety of lenders or loans may have since been sold to another lender/servicer. It is important to keep track of what you borrowed and who currently owns your loans so that you remain current on your accounts. You can access your federal loan history online. You will need your FSA ID to access your records.

• Exit counseling can be completed online. You must complete an exit session for each loan type that you borrowed while at North Park as each program has its own rules and regulations. The Financial Aid Office will receive your information electronically.
• Stafford Loan Exit Counseling session can be done online. You will need your FSA ID to complete the counseling session.
• All Federal Nursing Loan and Perkins Loan Exit Counseling sessions are completed online with Heartland/ECSI. You will need to create a login and password with Heartland/ECSI in order to complete the online exit counseling.

One final note as you leave North Park and enter repayment: Please make sure that you keep your contact information up to date with your lender/servicer. Name and address information updated at North Park will not be forwarded to your lender/servicer.

In order for your family to apply for a Parent PLUS Loan, you must complete the FAFSA as a dependent student. To be eligible to borrow a PLUS loan, your parent must not have adverse credit. If they are denied for the PLUS loan, you will be eligible for an additional unsubsidized Stafford Loan.

Repayment for Parent PLUS Loans begins 60 days after the final disbursement of the loan is received, and the repayment term is up to 10 years. Parents do have the option to defer payment on the PLUS Loan while you are enrolled at least half-time (six credits per semester). This choice can be selected when completing the PLUS Loan Application. Parents can also contact Direct Loan Servicing (800) 557-7394) to set up this payment option after the funds have been disbursed.

• Two documents must be completed for this loan https://onedayloan.net/payday-loans-fl/ to be processed: the Grad PLUS Loan Application and, if your loan is approved, the Grad PLUS Loan Master Promissory Note. Both are completed online at using your FSA ID.