Loans
Loans can be a short-term answer, but a long-term problem. We encourage you to consider your expenses carefully and borrow wisely, if you choose to pay for your education with student loans. Because we care about your life after SUU as much as we care about having you here, we have put together some information to help you keep your debt at a reasonable level for your future earnings.
- You can learn to budget your money and live on less by visiting www.mapping-your-future.org and click “Financial Fitness Tools” – options 3, 4, and 5 are especially helpful for establishing yourself financially.
- Then choose the “Debt/Salary Wizard” (under “Calculators” on the left-hand side). The link to www.salary.com will help you estimate your future earnings, and the calculator will help you determine a comfortable level of debt for your future plans.
In spite of the caution we use when advising you about debt, if a small amount of debt is all that is standing between you and your education, student loans are not a bad way to go. Once you have considered all the above information, you will be able to borrow wisely, complete your education with a minimal amount of debt, and get a head start on your future.
Applying
Types of Loans
- Stafford Loans
This is money you can borrow from the federal government. It must be repaid beginning six months after you graduate or drop below six credits. The interest rate is fixed at 6.8%, and there is no origination fee. Stafford loans may be subsidized or unsubsidized. Subsidized means that interest will not begin to accrue until six months after you graduate or drop below six credits. Unsubsidized means that interest begins accruing immediately upon disbursement. You will receive a quarterly statement from your lender indicating how much interest has accrued on your unsubsidized loan. You are not required to pay the interest while you are in school, but if you don’t, it will be capitalized onto the principle balance of your loan. Stafford loans require at least half-time enrollment (six credits). Eligibility is determined by the US Department of Education by filling out the FAFSA (www.fafsa.ed.gov). SUU certifies all Stafford Loans through the Utah Higher Education Assistance Authority (UHEAA). Available to undergraduate and graduate students.
*List of preferred Stafford Loan lenders
- Perkins Loans
This is money you can borrow from the federal government. It must be repaid beginning nine months after you graduate or drop below six credits. There is no origination fee, and there is no interest until you enter the repayment period. The interest rate is fixed at 5%. The Perkins Loan requires at least half-time enrollment (six credits). Eligibility is determined by the US Department of Education by filling out the FAFSA (www.fafsa.ed.gov). Available to undergraduate and graduate students.
- PLUS Loan (Parent Loan for Undergraduate Student)
This is a loan requested by your parent(s) and borrowed from the federal government through the Utah Higher Education Assistance Authority. Repayment begins six weeks after the last disbursement of the loan, or when the student graduates or drops below six credits, whichever comes first. Eligibility is determined by the US Department of Education by filling out the FAFSA (www.fafsa.ed.gov), and based on a credit check. Interest begins to accrue immediately upon disbursement. The PLUS loan require at least half-time enrollment (six credits).
To apply, complete the FAFSA, fill out a PLUS loan request form and turn it in to the Financial Aid Office. We will contact you through the mail with the final steps in the process.
SUU certifies all PLUS loans through the Utah Higher Education Assistance Authority (UHEAA).
*List of preferred Stafford Loan lenders
- Alternative Loans
We recommend that you research these options (and any others you may find) and determine which loan best suits your needs. Always consider things like origination fees, interest rates, and repayment benefits such as interest reduction for on-time payments. If you need additional information on what these terms mean, please contact your financial aid counselor. Available to undergraduate and graduate students.