Introduction to the Student Loan Process
A loan for educational expenses is an option if you are eligible or if your parents qualify. All types of loans must be repaid, but repayment begins after you graduate or fall below half-time enrollment. In order to establish your loan eligibility you need to fill out your Free Application for Federal Student Aid (FAFSA) for most loans. We offer the following types of loans at Rockhurst University:
Federal Perkins Loans:
The Perkins loan is based on financial need. A completed FAFSA is required and interest is deferred while you are in school and enrolled at least half-time. Repayment begins nine months after graduation or when you fall below half-time status.
Federal Subsidized Stafford and Unsubsidized Stafford Loans:
The subsidized loan is based on completed credit hours/class year. (freshmen, sophomore, etc.). and on demonstrated need. The unsubsidized loan is also based on completed credit hours/class year, but is a non-need based program. A completed FAFSA is required.
Subsidized loans have the interest deferred while you are in school and repayment begins six months after enrollment ceases or you fall below half-time enrollment. Unsubsidized loans have the same repayment time frames, but the interest starts to accrue at the time of disbursement. Students may choose to pay the interest as they go or have it deferred and rolled into their principal.
Federal Parent Loans (PLUS):
Amounts vary, approval is based on credit-worthiness and the Federal Parent loan is a non-need based program. If you're an undergraduate student and dependent on your parents, your parents may qualify for a Federal PLUS Loan. The PLUS loan is available without regard to financial need. Your parents are responsible for repaying the loan; repayment begins 60 days after the loan is fully disbursed.
Alternative loans: amounts vary
A variety of privately funded loans are offered by lenders.
Stafford Loan Limits
The chart below shows the annual and aggregate loan limits.
|Class Level||Dependent Limit||Independent Limit|
|Freshmen (0-29 hrs)||$3,500* +$2,000 additional unsub||$9,500*|
|Sophomores (30-59 hrs)||$4,500*+ $2,000 additional unsub||$10,500*|
|Juniors (60-89 hrs)||$5,500* $2,000 additional unsub||$12,500*|
|Seniors (90+ hrs)||$5,500* +$2,000 additional unsub||$12,500*|
|Graduate or professional students (all classified as independent)||---||$20,500*|
Lifetime Loan Limits
|Graduate and professional students:||$138,500|
*Students can only borrow up to the cost of attendance for their program of study. Check with the Financial Aid Office to see the cost of attendance for your program. You can only borrow one loan per academic level.
*Your federal loan information will be submitted to NSLDS and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
Student Loan Application Process
After accepting your student loan with the Financial Aid office you will need to complete the Master Promissory Note (initial loans only). You will complete the MPN online.
The loan funds are then sent to Rockhurst University. Notices will be sent via your Rockhurst email address to notify you of your loan disbursement and via the mail for Parent loans. If you wish to cancel your loans at any time, please contact the aid office. All loans are disbursed in two disbursements. This will usually be once in the fall and once in the spring, but a loan can be disbursed in a single semester with two separate disbursements. All loans will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by servicers and schools determined to be authorized users of the data system.
If you are a returning student or have been a borrower previously at any institution, you will not need to complete another MPN; you will only need to accept all subsequent loans online.
The federal government offers three low-interest loan programs to students and parents to assist them in paying the educational and living expenses incurred to attend Rockhurst University.
You are now ready to apply online for a student or parent loan. If you have any questions, e-mail the Financial Aid Office or call 816-501-4600.
Parent Loan (PLUS)
In light of recent news about the student lending market, Rockhurst University has developed a Financial Aid Code of Conduct (PDF) . We are committed to helping our students obtain financial assistance in a manner that reflects our mission and our dedication to our students.
Alternative or Private Loans
Sometimes federal student and parent loans are not enough to cover all educational expenses. For this reason, students may consider applying for a private, alternative loan that may be used as a supplemental resource for paying college costs. Alternative Loans are unlike Stafford loans, for they require a separate application, a credit check, and may require a co-signor if you have less than two years of good credit history. Apply online to find out instantly whether you are eligible or if you need a co-signor. Please note that Title IV funds may have more favorable terms. You are encouraged to avoid borrowing private loans unless absolutely necessary and to exhaust all federal and state financial aid funding sources before borrowing private education loans.
Important! Federal legislation dictates that before a private educational loan can be finalized, your lender will send to you a Self-Certification form and it must be completed, signed, and provided to your lending institution.
You may search Rockhurst’s list of preferred lenders based on your program type (Undergraduate or Graduate), whether you are interested in fixed or variable interest rate loan products, the amount that you would like to borrow and your expected graduation date. You also have several sorting options and the ability to compare loan products of different lending institutions side-by-side in order to pick the option that is best for you.
Student Loan Counseling
New Rockhurst University students must complete Student Loan Entrance Counseling before any student loan can be disbursed. You must complete the online Entrance Counseling as a Student Borrower. After you complete Loan Counseling, we will receive confirmation via e-mail.
Perkins loan funds are limited. If you have been awarded a Perkins loan, you must complete Perkins Loan Entrance Counseling. A Perkins Loan Promissory Note will be completed on campus in the financial aid office.
If you are graduating from Rockhurst University with student loan debt, you need to complete Student Loan Exit Counseling.