Educational Loans

The amount you are eligible to receive from the Federal Stafford Loan program was listed on your award letter or is posted on your WESS account.  You have the option to decrease your loan amounts as long as your eligibility is maintained and you request loan amounts between $200 and the amount listed on your award letter.

If you did not request student loans on your Free Application for Federal Student Aid (FAFSA), you will not receive Stafford Loans on your award letter. To request Stafford Loans, you can complete the online Stafford Loan Request Form, as long as you have already completed the 2008-2009 FAFSA and received an award letter.

First-time Federal Stafford Loan recipients must sign the Master Promissory Note (MPN) and complete Entrance Counseling.  OpenNet loan servicing will contact you by e-mail to electronically sign the MPN and complete the Entrance Counseling online.  Both of these processes must be completed before the loan funds can be disbursed to you. 

Montclair State will honor all requests but please bear in mind if you opt for a lender without electronic access, your loan may have to be processed manually.

Additional Educational Loans
The Office of Student Financial Aid strongly recommends that students borrow through the above-mentioned federal loan programs for many reasons. Interest rates are capped for each of these loans, 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.  These additional education loans can cover the full cost of  your Montclair education.  However, these loans will all require a credit check for the borrower (either the parent, student, or co-signer) before the loan is ready for certification. 

Federal Parent Loans (PLUS)
A loan offer by the federal government for parents and/or step-parents of dependent undergraduate students.  Apply for the PLUS instant credit check on line at OpenNet Loan servicing.  If your credit is approved you then proceed to complete the PLUS Master Promissory Note (MPN). We encourage you to review the different borrower benefits offered by each participating lender and decide which benefits best meet your financial and personal circumstances. 

Please note, Montclair State will honor your request if you choose to use a lender not on the provided list.  

New Jersey College Loans to Assist State Students (NJCLASS)
A fixed-rate loan offered by the State of New Jersey.  Apply for the NJCLASS instant credit check on line at NJCLASS.

Alternative Loan Programs
Other educational loan programs are also available form participating lend institutions.  Each lender will have different credit approval criteria, and borrower and co-signer benefits. Please review the terms and conditions of these loans carefully before applying. 

Prior Year Loans
For information regarding loans prior to 2000-01 academic year and previous years (including Summer 2000), read the Direct Loan Information