Loans

Loans

A loan is a type of financial aid that is available to students and/or parents to help fund educational expenses that are not otherwise covered by scholarships and grants.  Loans can be broken up into two categories:  federal and private student loans.

Please read below for quick facts about each type of loan available.  For more detailed information about the different loan options available to you, please click on the link of the type(s) of loan you wish to learn more about.  You can also use the links located to the left of the page in the orange navigation bar.



Federal Direct Student Loans:  

  • Guaranteed Loans to students who have completed a FAFSA application. The student is the borrower and responsible for repayment. Please click on the link above or in the navigation bar for more detailed information.

Private/Alternative Student Loans

  • A loan through an outside private lender. The student is the borrower but will likely need a credit-worthy co-signer. Both student and co-signer are responsible for repayment. Please click on the link above or in the navigation bar for more detailed information.

Federal Direct PLUS Loan:  

  • A loan through the Department of Education that is available to parents of dependent, undergraduate students who have completed a FAFSA. The parent is the borrower and responsible for repayment. 

Federal Direct Graduate PLUS Loan:  

  • A loan through the Department of Education that is available to independent students in a Graduate (Master's Degree) program and who have completed a FAFSA. The student is the borrower and responsible for repayment. 

Federal Direct Loan Disclaimer

In accordance with U.S. Department of Education regulations (HEOA 489 amended HEA Sec.485B), Millersville University and the Office of Financial Aid acknowledges to students and parents that when the student enters into an agreement regarding a Title IV (HEA) loan, i.e.: Direct Stafford Loan and Direct Parent PLUS Loan that the loan will be submitted to NSLDS (National Student Loan Data System) and accessible by authorized agencies, lenders, and institutions.

Millersville University Private Student Lending Code of Conduct

Millersville University is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing.  In support of this and in an effort to rule out any perceived or actual conflict of interest between Millersville University officers, employees or agents and education loan lenders, Millersville University has adopted the following:

  • Millersville University does not participate in any revenue-sharing arrangements with any lender.
  • Millersville University does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender, guarantor or servicer.
  • Millersville University does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any fee, payment or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating to education loans.
  • Millersville University does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any thing of value from a lender, guarantor, or group of lenders and/or guarantors in exchange for service on an advisory board, commission or other group established by such a lender, guarantor group of lenders and/or guarantors.  Millersville University does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders, guarantors, or groups of lenders and/or guarantors.
  • Millersville University does not assign a lender to any first-time borrower through financial aid packaging or any other means.
  • Millersville University recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education.  Millersville University will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower’s selection of a lender and/or guarantor.
  • Millersville University will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans, private education loans, or a preferred lender arrangement for Title IV or private loans.
  • Millersville University will not request or accept any assistance with call center or financial aid office staffing.

For a printable version of the Code of Conduct, please see our Financial Aid Forms.