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Office of Financial Aid
Financial Aid

Financing Options

Butler University is pleased to offer several opportunities to help all families maximize the resources they have set aside to invest in a Butler education. Payment options and educational loans allow families to make personal choices regarding the balance that remains after financial aid.

Payment Plan

The Office of Student Accounts offers a payment plan for the fall and spring semesters which allows students the opportunity to make monthly payments during each semester.

  • Click here for payment plan information.
  • $50 fee ($25 per semester) to participate in the fall four-month payment plan and the spring four-month payment plan.
  • Sign up at my.butler.edu during the designated enrollment dates.
  • Additional information for the Office of Student Accounts is available here.

Federal Direct PLUS Loan

Federal Direct PLUS Loans are unsubsidized loans available for credit-worthy parents of dependent students. PLUS Loans may cover educational expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods, and the lender is the U.S. Department of Education.

  • Repayment begins 60 days after the loan is fully disbursed. Deferment options are available while the student is in school.

  • The fixed interest rate adjusts each year on July 1. Refer to studentloans.gov for updates.

    • For PLUS Loans first disbursed between July 1, 2018 and June 30, 2019, the interest rate is fixed at 7.595 percent. 

  • The origination fee adjusts each year on October 1. Refer to studentloans.gov for updates.

    • For PLUS Loans first disbursed between October 1, 2018 and September 30, 2019, the origination fee is 4.248 percent. 

  • Families must complete the FAFSA and the parent must apply for the PLUS Loan at studentloans.gov.

  • The Office of Financial Aid will process a PLUS Loan upon notification of credit approval.

  • The Master Promissory Note (MPN) must be signed by the parent prior to funds being credited to the student's account.

  • Students must be enrolled in a minimum of 6 credit hours to be eligible for the loan.

Private Education Loans

Private loans are based on the borrower's (and co-borrower's) credit and financial history. Select a lender based on the terms and benefits you find most appealing as terms, conditions, and interest rates vary with each lender.

  • Families should complete the FAFSA and exhaust all Federal Direct Loan eligibility before borrowing.
  • The Office of Financial Aid will process a private loan application after it has been approved by the lender. Until the application is complete and approved by the lender, the Office of Financial Aid is not aware of, nor able to certify eligibility for the loan.
  • Loans will be split evenly between the fall and spring semesters. Therefore, families must determine their borrowing needs for the entire academic year.
  • New laws now require students to complete the Private Education Loan Applicant Self-Certification Form in order to ensure borrowers understand the risks of private student loans and how to exhaust their federal loan eligibility before borrowing private loans. This form is available through the lender's website.
  • Students will need to promptly complete and return any disclosures sent to them by their lender.

Primary Private Loan Lenders for the 2018-2019 and 2017-2018 academic years.
Please note: You are not required to borrow from one of the loan programs listed below. Butler will process private loans from any lending institution. The list below was compiled to assist families in their borrowing decisions.

PNC (Lender Code: 809921)
Disclosure Statement for PNC

Sallie Mae (Lender Code: 900905)
Disclosure Statement for the Sallie Mae Smart Option Loan

Wells Fargo for Undergraduates (Lender Code: 807176)
Disclosure Statement for the Wells Fargo Loans

Wells Fargo for Graduate and Professional Students (Lender Code: 807176)
Disclosure Statement for the Wells Fargo Loans

Discover Bank (Lender Code:  831312)
Disclosure Statement for Discover Bank

Citizens One (Lender Code:  700700 or 808140)

Disclosure Statement for Citizens One 

 

ELMSelect

Butler University is pleased to offer students and families the opportunity to compare private education loan programs by lender using ELM Select. This comparison tool assists families with their lender and private loan program selection, and will also help the student and family in better understanding the 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.

 

Tips for Borrowing Additional Loans

  • Loans will be split evenly between the fall and spring semesters. Therefore, families must determine their borrowing needs for the entire academic year.
  • Families should exhaust all Federal Direct Loan eligibility before borrowing.
  • Families may borrow up to the total cost of attendance less the financial aid offered.
  • Select the loan program based on the terms and benefits you find most appealing.
  • Use the same loan program and/or servicer (for private loans) throughout the student’s college career. Borrowers who switch programs and servicers may be required to make payments to multiple lenders.
  • Use caution when considering lenders or loan programs that market directly to you via mail or email.
  • Apply by July 1.

Butler University Code of Conduct Statement.