Loans

These low-interest loans are available to students who file the FAFSA and meet federal aid eligibility. Graduate students may qualify for Unsubsidized Direct Loans.

Key Details: 

• Enrollment Requirement: At least half-time (3 units for Graduate & 6 units for Undergraduate)
• Annual Limits: Vary by program—contact your financial aid advisor
• Aggregate Limit: $138,500 (includes undergrad and grad borrowing)
• Interest Rate: Fixed yearly (set on July 1). Check current rates
• Origination Fees: More info here
• Repayment: Begins 6 months after graduation, withdrawal, or dropping below half-time. The typical repayment term is 10 years.

To Receive Funds: 

1. Complete your FAFSA
2. Log in to studentaid.gov to:
   1. Complete Entrance Counseling 
   2. Sign a Master Promissory Note (MPN) 
3. Accept your loan via Workday 

Continuing students who’ve already completed the MPN and counseling only need to accept their new loan in Workday.

This credit-based loan helps cover remaining costs after Federal Direct Loans.

Eligibility:

• Must complete a FAFSA
• Credit approval required
• No aggregate limit

Key Info: 

• Interest Rate & Fees: See studentaid.gov
• Repayment: Begins 60 days after full disbursement (no grace period). However, in-school deferment is available—contact your loan servicer.

Unsure who your loan servicer is? Visit the National Student Loan Data System.

This subsidized loan is available to accepted Nursing students with exceptional financial need. (Pre-nursing students are not eligible.)

Loan Details: 

• Amount: Varies based on funding
• Interest: Fixed at 5%, begins 9 months after graduation or withdrawal
• Repayment: Begins 9 months after graduation, withdrawal, or dropping below half-time

Requirements: 

• Sign a promissory note at the start of each semester
• Complete Entrance Counseling at ecsi.net
• Complete Exit Counseling when leaving PLNU or falling below half-time

Important: This is a federal loan. Failure to repay will impact your credit and must be reported to the federal government.

Private loans should be considered only after all federal aid options have been explored, including the Federal Direct Loan and Graduate PLUS Loan. These loans are credit-based and typically have higher interest rates than federal loans.

Use caution: Only borrow what you need for the academic year.

Choosing a Lender 

PLNU provides a Private Loan Lender List to help you begin your research. While you are free to choose any lender, the lenders on our list have completed a detailed Request for Information (RFI) process and were evaluated by a PLNU panel based on:

• Customer service
• Borrower benefits
• Information security
• Value-added services

PLNU does not accept gifts, trips, or revenue-sharing from lenders. Our recommendations are based solely on your benefit.

Private Loan Details 

• Approval is credit-based. A co-signer may improve your chances of approval and reduce your interest rate.
• Interest rates: Typically tied to the Prime Rate or LIBOR, plus a margin that may range from 0%–12%, depending on credit.
  Terms and fees vary widely between lenders—research carefully.
  Tip: Apply with one lender only to avoid multiple credit checks.

Before You Borrow 

• Always read the lender's loan application and promissory note carefully.
• Confirm the loan’s terms, interest rate, APR, and repayment conditions.
• If you have questions about a lender’s process or website, contact them directly.

You may qualify for loan forgiveness based on your profession or employer. Below are common options:

Public Service Loan Forgiveness (PSLF)

If you work full-time for a public service employer, you may be eligible to have your Federal Direct Loan balance forgiven after 120 qualifying monthly payments.

Eligibility Highlights: 

• Must work full-time for a qualifying public service organization
• Must make 120 qualifying payments under an income-driven repayment plan
• Loans must be Federal Direct Loans

Learn more at studentaid.gov.

Federal Teacher Loan Forgiveness

Teachers may qualify for loan forgiveness of up to:

• $5,000 for general teachers
• $17,500 for math, science, and special education teachers

Requirements: 

• Must teach full-time for 5 consecutive years in a low-income school
• Apply directly with your loan servicer after completing your service

See eligible schools and details at studentaid.gov.

Assumption Program of Loans for Education (APLE) – California Only

The APLE is a California teacher incentive program. Although no new applications are being accepted due to recent budget changes, current participants (from 2011–12 and prior) will continue to be supported.

Questions about your APLE status? Contact the California Student Aid Commission for updates.