Educational Loans

Are you planning to Drop or Withdraw from classes?

Dropping or withdrawing from your classes can change your aid eligibility which may cause you to owe money to the school. 

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. 

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.

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.

By clicking on the various loan program links below, you will be re-directed to more in depth explanations of each type of loan.

For Federal Loan Applicant services please call 1-877-557-7394 or email: 

Federal Stafford Loan (Student)

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

Federal Perkins Loan (Student)

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 PLUS Loans (Parent)

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.

Federal Graduate PLUS Loans (Graduate Student)

Graduate students working on a Masters degree and beyond 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. (Students in a Post Baccaulreate certificate program do not qualify for this loan.)  

Private Educational Loans (Student and/or Parent)

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.

Summer Loans

Summer financial aid must go through a special request process in order to be awarded. Enrolling in classes alone does not automatically give you financial aid eligibility.

The summer aid is also dependent on if you have used up your yearly eligibility between the Fall, Winter and Spring semester.

For undergraduate students (This includes those doing a Post Baccalaureate Certificate.) you must be enrolled in a minimum of 6 credits to qualify for the summer loans. 

For graduate students Working on a Masters degreee and beyond) you must be enrolled in a minimum of 4.5 credits to qualify for the summer loans.

The following links will take you to the required paperwork to submit to the Financial Aid office:

Undergraduate Summer Aid Request

Graduate Summer Aid Request