Loan Options

Adler University Academic Programs

An advanced degree is an investment
in yourself—and your future.

Student Loan Financing Options

Many Adler University students find it necessary to take out loans to finance all or a portion of their costs. The Office of Financial Aid strongly encourages those who qualify to explore U.S. federal student loan options first.

Federal student loans that a student took out prior to enrolling with Adler University are eligible for in-school deferment as long as the student maintains at least half-time enrollment.

Federal Direct Stafford Loans

The Federal Direct Stafford Loan is the basic component of a student’s financial aid award package. A student must be enrolled at least half-time to be eligible for federal loans. Interest rates on these loans are fixed, and there are several repayment plans available. Direct Unsubsidized Loans are not need-based, and are available to degree and certificate students at all academic levels. The amount awarded for the year cannot exceed the annual loan limit and is based on the student’s academic level and/or program.

To qualify for a Federal Direct Stafford Loan, a student must:

  • Apply for student financial assistance with the University;
  • Accept or reject each Federal Direct Stafford Loan offered; and
  • Complete both a master promissory note and an entrance counseling session (new borrowers).

Maximum Annual and Aggregate Loan Amounts
Students are held to annual and lifetime aggregate maximums for Federal Direct Stafford Loans. These amounts are based on a student’s academic level and/or program.

Program Annual Loan Limit Lifetime Aggregate
Loan Limit
Graduate Students
(Except Psy.D. Students)
$20,500
(Unsubsidized Only)
$138,500
Psy.D. Graduate Students $37,167 in a 12-month academic year
(Unsubsidized Only, Prorated for academic year less than 12 months)
$224,000
 

Interest Rates

  • Federal Direct Stafford Loans first disbursed on or after July 1, 2016 and before July 1, 2017 have a fixed interest rate of 5.31%.
  • Federal Direct Stafford Loans first disbursed on or after July 1, 2017 and before July 1, 2018 have a fixed interest rate of 6.00%.

Loan Fees
The federal government assesses a mandatory loan fee on all Federal Direct Stafford Loans before the funds arrive at Adler. These fees are as follows:

  • Federal Direct Stafford Loans first disbursed on or after 10/1/2016 and before 10/1/2017 will have a loan fee of 1.069%.
  • Federal Direct Stafford Loans first disbursed on or after 10/1/2017 and before 10/1/2018 will have a loan fee of 1.066%.

Federal Direct PLUS Loans

Graduate students may apply for a Federal Direct PLUS Loan to assist with educational costs. To be eligible for federal loans, a student must be enrolled at least half-time. These loans have fixed interest rates, and several repayment plans are available. Federal Direct PLUS loans are not need-based, but a credit check is required. The total amount awarded for the year cannot exceed the student’s cost of attendance minus all other forms of financial assistance received. There is no aggregate cap on this loan program.

To be offered a Federal Direct Graduate PLUS Loan, graduate students must:

  • Apply for student financial assistance with the University;
  • Accept or reject each Federal Direct PLUS Loan offered;
  • Obtain credit approval for the Federal Direct PLUS Loan at the Federal Student Aid website; and
  • Complete both a master promissory note and an entrance counseling session (new borrowers).

If the graduate student is unable to obtain credit approval on their own, they can add a credit-worthy co-borrower (endorser) or they may be able to appeal the credit decision due to extenuating circumstances. Additional steps will be necessary in either case.

Interest Rates
Federal Direct PLUS Loans first disbursed on or after July 1, 2016 and before July 1, 2017 have a fixed interest rate of 6.31%. Federal Direct PLUS Loans first disbursed on or after July 1, 2017 and before July 1, 2018 have a fixed interest rate of 7.00%. Interest begins to accrue on these loans as soon as money is disbursed to the student’s tuition account.

Loan Fees
The federal government assesses a mandatory loan fee on all Federal Direct PLUS Loans before the funds arrive at Adler. These fees are as follows:

  • Federal Direct PLUS Loans first disbursed on or after 10/1/2016 and before 10/1/2017 will have a loan fee of 4.276%.
  • Federal Direct PLUS Loans first disbursed on or after 10/1/2017 and before 10/1/2018 will have a loan fee of 4.264%.

Withdrawing and Financial Aid

Students who withdraw or take a leave of absence from a term may no longer be eligible for the entire amount of federal student loans they were awarded and/or received. Review Adler University’s policy for Federal Student Loans when a term is not completed here.

Loan Repayment

Borrowers of Federal Student Loans are required to complete Exit Counseling on the loan whenever they graduate, withdraw from school (including taking a leave of absence), or cease to maintain at least half-time enrollment. If Exit Counseling is required, the student will be notified by The Office of Financial Aid.

  • Federal Direct Stafford Loans — repayment does not begin until the conclusion of a six-month grace period. This grace period begins after a student graduates, withdraws from school (including taking a leave of absence), or ceases to maintain at least half-time enrollment.
  • Federal Direct PLUS Loans — repayment begins as soon as the loan is fully disbursed. Students have the option of deferring repayment while the student is enrolled at least half-time, for a six-month grace period following graduation, or in the event the student withdraws (including taking a leave of absence) or ceases to maintain at least half-time enrollment.

Borrowers have the option of a standard, 10-year repayment or other extended repayment options based on time to repayment or the borrower’s income. These loans also allow for specific deferments, or time periods when the lender will temporarily suspend collection activity on the loan. Borrowers requiring a temporary postponement or partial reduction in monthly payment may request a forbearance in case deferment is not available.

Detailed information about loan deferment, forbearance, and repayment is available here.

Alternative Loans

Alternative loans are private, credit-based loans the student applies for directly with a financial institution. These loans cannot be combined with Federal Direct Loans into a Federal Consolidation Loan following graduation. Alternative loans may be available to international students who have U.S. Citizen or Permanent Resident co-borrower, or borrowers who are not able to file a FAFSA. Interest rates on alternative loans are typically not fixed and may vary based on the lender and the borrower’s credit rating.

Students who are eligible for Federal Direct Loans are encouraged to explore federal loans first as there are many benefits that may be unavailable through an alternative loan program.