Loans

If scholarships, grants and other forms of financial aid don’t fully cover your costs, loans are another option. Unlike scholarships and grants, loans will need to be paid back after you graduate. Montclair offers a variety of loan options, and you can explore the links below to learn more about each one and see which might be the best fit for you. Topics covered include: 

  • Loan requirements
  • Application process
  • Loan limits
  • Interest rates 

For help with filling out your loan application, visit the Federal Student Loans page of the studentaid.gov website.

What to Know About Loans

Federal Stafford Direct Student Loans (Student)

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

Federal Parent PLUS Loans (Parent)

We strongly recommend that 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 listed on the FAFSA application.
  • Review the Private Educational Loan option below in lieu of the Parent PLUS loan; you may qualify for a lower interest rate and $0 origination fee from a private lender.

Federal Graduate PLUS Loans (Graduate Student)

Graduate students working on a master’s degree and beyond may apply for this loan through the Federal Student Aid Program. The same terms and conditions apply to this loan that apply to the Parent PLUS loan. (Students in a post-baccalaureate certificate program, e.g. teacher certification, do not qualify for this loan.) 

Private Educational Loans (Student and/or Parent)

We strongly recommend students borrow through the federal Stafford loan program first, before considering a private educational loan.

  • Approval for these loans is credit-based for the borrower, which can be the student, parent, both or with a co-signer.
  • You may consider a private educational loan in lieu of the Federal Parent PLUS loan.

For more details on Loan Options, visit Inside Montclair

The amount you are eligible to receive from the federal Stafford Direct loan program is listed on your financial aid notification on NEST.

  • If you have successfully completed enough credits to move to the next grade level between the fall and spring terms, you may be eligible to receive additional loan funding for the spring term.
    • Based on your active acceptance of your loans offered on NEST, we will assume your acceptance of any grade level increase to each loan previously accepted.
  • Grade levels for loan borrowing:
    • Freshman: 0 – 29
    • Sophomore: 30 – 59
    • Junior/Senior: 60 or more
    • Graduate: accepted into a graduate degree/certificate program
  • Students who are graduating, withdrawing or are less than half-time must complete Exit Counseling.
  • Financial aid recipients who enter into an agreement regarding a Title IV HEA loan (Stafford, PLUS, Grad PLUS, Perkins or TEACH) will be submitted to the National Student Loan Data System (NSLDS) and their information will be accessible by authorized agencies, lenders and institutions.
  • If you want to revise or reinstate your student loan(s), please complete the Aid Adjustment Form.

Wondering how you will repay your loans?

Questions? Contact Your Loan Servicer(s)

  • It is important that you communicate with your student loan servicer(s) as they are who you will repay. They have the most up-to-date information about your student loans, including the interest that may have accrued.
  • Having difficulty repaying your loans? Contact your loan servicer(s) to ask about deferment or forbearance or different repayment plan options.

National Student Loan Data System (NSLDS) for Students

  • The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central database for student aid. You can retrieve a summary of your federal loan and grant history by logging into the studentaid.gov website. Information about your loans and loan servicer(s) can be found there, including contact and repayment information.

  • The Federal Student Loan Ombudsman is a neutral, informal and confidential resource to help resolve issues with your federal student loans.

Have Questions? We’re Here to Help.