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Education Loans

• Students and parents who wish to borrow from any of the loan programs are strongly encouraged to determine their borrowing needs for the entire academic year before beginning the application process.
• Families should consider exhausting Federal Stafford Loan eligibility before borrowing other loans.
• Education loans must be applied for each year.
• Educational loans can only be processed by the school in the academic year or semester for which they are intended. Loans will be processed by Butler University up to the last day of classes. For example: Fall 2009, the last day of classes is December 11, 2009; Spring 2010, the last day of classes is April 26, 2010.
• Once the loans are approved and certified by the Office of Financial Aid, funds will disburse to the student's account after the fifth day of class each semester, as long as, the required documents have been completed and submitted to the appropriate office. Loan funds will be applied to fall and spring semester enrollments, with half of the annual value crediting to the student account each semester.

Federal PLUS Loan

A low-interest loan available to credit-worthy parents of dependent students enrolled at least half-time at Butler University in a degree seeking program. Through this program families may borrow additional funds to meet the educational expenses and maximize family resources.

• The interest rate on this loan is fixed at 8.5%.
• A federally imposed 1% default fee may be charged on all Federal PLUS Loans in addition to the 3% origination fee.
• Repayment of the loan typically begins 60 days after the loan is fully disbursed. There is no grace period; therefore interest begins to accumulate after the first disbursement is made. Deferment options are available.
• Filing the Free Application for Federal Student Aid (FAFSA) is encouraged but not required. Non-filers will need to complete the Federal PLUS Loan Request Form (PDF).
• The Office of Financial Aid will process a Federal PLUS Loan when it is ready for certification. Until the Master Promissory Note (MPN) is signed by the parent, the Office of Financial Aid is not aware of, nor able to certify eligibility for the loan.

Apply for the Federal PLUS loan now

Federal PLUS Loan for Graduate Students

Under the Federal PLUS Loan program, graduate students may borrow up to the difference between the cost of attendance and all other financial aid. The loan is not based on need and the graduate student must have a good credit history.

The interest rate for the Federal Graduate PLUS loan is a fixed interest rate of 8.5%.

Grad PLUS borrowers begin repayment of this loan 6 months after the borrower drops below half time or graduates. Interest begins to accumulate after the first disbursement is made. Students may contact the lender or servicer of the loan for additional information and deferment options.

A federally imposed 1% default fee may be charged on all Federal PLUS Loans in addition to the 3% origination fee.

Filing the Free Application for Federal Student Aid (FAFSA) is required.

Apply for the Federal Graduate PLUS loan now

Private Loans

• There are a variety of private loan options available for students and parents.
• Most sources require a good credit history and/or a co-borrower.
• Private loans are based on the borrower's (and co-borrower's if required) credit and financial history.
• Loan terms vary and usually require the student be enrolled at least half-time (six credit hours) at Butler University in a degree-seeking program.
• A private loan is not based on financial need, but the combination of all financial aid including the loans may not exceed the cost of attendance for the academic year.
• It is typically to your advantage to use a co-signer.
• The Office of Financial Aid will process a private loan application when it is ready for certification. Until the Master Promissory Note (MPN) is signed, the Office of Financial Aid is not aware of, nor able to certify eligibility for the loan.
• Terms and interest rates vary with each lender. Filing the FAFSA is not required.

Apply for the Private loans now

SimpleTuition®

Butler University is pleased to offer students and families the opportunity to compare lenders and available loan programs at www.simpletuition.com/butler. You may select loan options and benefits that best meet your needs. SimpleTuition® is a tool families may use to assist with their lender and loan program selection. The comparisons using SimpleTuition® will assist the student and family in better understanding the loan options and long term costs of the loan programs being considered.

*Loans are based on the borrower's (and co-borrower's, if required) credit and financial history. While Butler University may recommend these programs, approval of any loan will be based on information each lender has obtained and their specific credit criteria.

Direct-to-Consumer Student Loan Marketing

As you plan for the academic year, we continue to caution you when considering lenders or loan products that market directly to you via the mail or the internet through direct to consumer (DTC) solicitation. With these programs you may not receive the same personal attention or care in the processing of your loans that you would receive should you choose to use a carefully selected lender from our primary lender list.

When considering financing the student's education, we encourage families to file the Free Application for Federal Student Aid (FAFSA) to determine the amount of federal and institutional aid available. We recommend exhausting all federal loan eligibility before private loans.

If you are still in need of loans, we encourage you to utilize our loan comparison tool at www.simpletuition.com/butler to review the terms and benefits of the different types of loan programs available including Federal Stafford, Parent PLUS and private loan options. Professional and graduate students (including Pharm D) can compare the Federal Stafford loan program, Graduate PLUS program and the private loan programs.

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