A loan is a form of financial aid that must be repaid, with interest. Few students can afford to pay for college without some form of education financing. In fact, two-thirds of undergraduate students graduate with some debt. Education loans come in three major categories: student loans, parent loans, and private or alternative loans. A fourth type, consolidation loans, allows the borrower to lump all of their loans into one loan for simplified payment.
Parents and students are encouraged to visit the following Web sites to learn more about the different types of loans available through Marietta College.
Federal Direct Subsidized Stafford Loan
This is a Federal student loan with an interest subsidy, to help meet financial need according to the federal formula. As a direct lending school, loans are processed directly between the College and the federal lender.
Federal Direct Unsubsidized Stafford Loan
This is a federal student loan with no interest subsidy. Demonstration of financial need is not required to receive this loan. As with the Subsidized Stafford Loan, loans are processed directly between the College and the federal lender.
Federal Direct PLUS Loan
PLUS stands for Parent Loan for Undergraduate Students. This is a federal loan that a creditworthy parent of a dependent student may borrow. It does not have an interest subsidy and repayment starts within 60 days after the loan is fully disbursed.
These non-federal loans are an option for students whose parent cannot or chooses not to borrow a PLUS loan. A creditworthy co-signer is usually required unless the student has an acceptable credit history. As a student loan they are deferrable but do not have an interest subsidy.
Below are alternative loan lenders that represent different methodologies for co-signer credit approval and who we know to provide excellent servicing to their borrowers. You are encouraged to compare different alternative loans and make your choice based on what loan terms suit your situation the best. Marietta College will work with any established lender you choose for an alternative loan.
PNC Solution Loan
Sallie Mae (Smart Option Loan)
Wells Fargo (Collegiate Loan)
Ohio Private Loan Marketplace
The Ohio Private Loan Marketplace is another option you can utilize. It is a loan aggregator which allows you to compare rates and terms from multiple private loan lenders side-by-side. You will be able to view detailed listings of APRs, interest rates, total cost, monthly payments, borrower benefits, fees, and repayment options.
Borrowers should be aware that the Marketplace pulls your credit information first and then allows you to view and compare rates amongst their list of lenders listed below. It is important to review "How it works" on their website prior to completing an application. Please note that these are preliminary loan offers and are not guaranteed by the lenders.
- Private Loan Marketplace Lenders (in alphabetical order): Discover, Eli Lilly Federal Credit Union, Evansville Federal Credit Union, Grow Financial Federal Credit Union, Mid-Atlantic Federal Credit Union, NASA Federal Credit Union, Northwest Federal Credit Union, PNC Bank, US Bank.
Be sure to view the Ohio Private Loan Marketplace Disclosure for information on terms and current interest rates, fees, etc..
This Loan Payment Calculator computes an estimate of monthly loan payments and the annual salary required to manage them without too much financial difficulty.