Loans

Loans are a source of funding for school that is required to be paid back. Students must be enrolled at least half-time (6 credit hours) per semester in order to borrow from a federal loan program.

Federal Stafford Loans (Subsidized/Unsubsidized)
These loans provide government insured, long-term, low interest loans for eligible undergraduate and graduate students. Banks, credit unions or savings and loan associations make the loans. Both David N. Myers University and the lender determine loan eligibility. Repayment begins six months after student ceases to be enrolled at least half time.

There are two types of Stafford loans. Eligibility is determined by several factors including financial aid budget, financial need (according to a standard federal formula), grade level, outstanding student loan debt, and unmet financial need (according to the standard federal formula):

Federal Perkins Loans - These low-interest loans may be available for eligible students who demonstrate exceptional financial need. David N. Myers University is the lender and the loan is made with federal funds. This loan is repaid to the university. Perkins loan funds are limited, and will be awarded on a first come, first serve basis.

Federal PLUS Loans
Parent PLUS loans are government-insured, long term, low-interest loans that may be available to the parents of dependent (as determined by the Department of Education) students. Applicants for these loans are subject to a credit review by the lender, and therefore may not qualify. If a parent is denied a PLUS loan a dependent student will then and only then be considered for additional loan funds. A parent’s unwillingness to borrow under this program will not permit the Financial Aid Office to award additional loan funds to the student per federal regulations.

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Myers University, Financial Aid Office
3921 Chester Avenue, Cleveland, Ohio 44114 (216) 361-2741 / reden@myers.edu

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