Educational Loans

There are various loan options available to students to help fund the cost of college. Here is a brief overview of the loan options. Please read carefully through all of your options, before making your decision.  The Office of Financial Aid is ready to assist you with any specific questions you may have about each program.

Information and Policies

The amount you are eligible to receive from the Federal Stafford Loan program is listed on your award notification on your WESS account.

If you have plans of dropping or withdrawing from classes, please check with the Office of Financial Aid to see what the consequences for your aid may be, prior to making your decision. 

First time Federal Stafford Loan recipients must sign the Master Promissory Note (MPN) and complete Entrance Counseling. Both of these processes must be completed before the loan funds can be disbursed to you. To complete these requirements please go to www.studentloans.gov

Students who are graduating, withdrawing or are less than half time must complete Exit Counseling.

Students or parents of students who enter into an agreement regarding a Title IV HEA loan (Stafford, PLUS, Grad PLUS, Perkins or TEACH) will be submitted to NSLDS and accessible by authorized agencies, lenders, and institutions. 

Stafford Loan (Student)

The Stafford Loan is obtained by filling out the FAFSA and is part of the Federal Direct Loan Program.

Perkins Loan

The Perkins Loan is obtained by filling out the FAFSA and is awarded by Montclair State University to students demonstrating significant financial need, based on the information provided on the FAFSA.

Federal Parent Loans (PLUS)

The Office of Student Financial Aid strongly recommends students borrow through the Federal Stafford Loan program first, before considering a Parent PLUS loan. The Parent PLUS Loan is a loan that is available to the parent of a dependent student deemed by the FAFSA application. It can cover up to the cost of attendance for a student. A parent can apply for this loan through the Federal Direct Loan Program.  Also review the Private Educational Loan option below in lieu of the Parent PLUS loan.  Depending on your credit history, you may qualify for a lower interest rate and $0 origination fee, so compare both options when looking to fund the remaining costs of a Red Hawk education.

Graduate PLUS Loans (Federal Student Aid Web site)

Graduate students may apply for this loan through the Federal Direct Loan Program to cover up to the cost of attendance. The same terms and conditions apply to this loan that apply to the Parent PLUS loan.

Private Educational Loans

The Office of Student Financial Aid strongly recommends students borrow through the Federal Stafford loan program, before considering a private educational loan.  The Federal Stafford loan interest rates are capped and the federal student loan program has provisions, such as a grace period, forbearance, deferment, various payment options and loan consolidation to assist students with repayment. However, some students may still need assistance to cover the full cost of a Montclair State University education. These Private Educational Loans can assist with that. Please know approval for these loans is credit based for the borrower, which can be the student, parent, or both including either with a co-signer. You may consider a private educational loan in lieu of the Federal Parent PLUS loan.