Learn more about Federal and Private Student Loans.
Federal Direct Student Loans
Students and families can click the links to learn the differences between Federal Loans versus Private Student Loan and view current interest rates.
To apply for a Federal Direct Student Loan:
- Complete the FAFSA.
- Determine that you plan to borrow Subsidized and/or Unsubsidized loans.
- Log into the Federal Student Aid website with your FAFSA pin.
- Complete the Entrance Counseling AND Loan Agreement (MPN).
- If you do not plan to borrow the loans, email our office at finaid@ringling.edu to decline those loans.
The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and whether you are a dependent student or an independent student. We can decrease amounts, but not increase the loan amount. The maximum amounts are set by the federal government.
Dependant Students
| Year | Subsidized | Unsubsidized | Total |
|---|---|---|---|
| 1 | $3,500 | $2,000 | $5,500 |
| 2 | $4,500 | $2,000 | $6,500 |
| 3 | $5,500 | $2,000 | $7,500 |
| 4 | $5,500 | $2,000 | $7,500 |
| If borrowing max each year, you will owe a total of: | $27,000 | ||
Independant Students
| Year | Subsidized | Unsubsidized | Total |
|---|---|---|---|
| 1 | $3,500 | $6,000 | $9,500 |
| 2 | $4,500 | $6,000 | $10,500 |
| 3 | $5,500 | $7,000 | $12,500 |
| 4 | $5,500 | $7,000 | $12,500 |
| If borrowing max each year, you will owe a total of: | $45,000 | ||
Federal Direct PLUS Loans
The Parent PLUS Loan is one financing option available for parents to cover the remaining balance due for the year. Find details and step-by-step instructions on applying at the Parent PLUS Loan webpage.
To apply for a Federal Direct Parent PLUS Loan, first complete the FAFSA. If the student is considered a dependent on the FAFSA, either a parent or stepparent can apply for a PLUS loan. To qualify, parents would complete the Parent PLUS request process each year and sign a Master Promissory Note. Loan amounts requested are processed for the full academic year and then disbursed during the fall and spring semesters (unless students are graduating during the fall semester).
Parent borrowers can increase their PLUS loan to accommodate their student’s need but the amount cannot exceed the difference between the Cost of Attendance and total financial aid. Endorsed PLUS loans cannot be increased above the endorsed amount.
If parents apply for a PLUS Loan but are denied, there are two options:
- Appeal the decision by contacting Applicant Services with the Department of Education at 1-800-557-7394.
- Or, seek an endorser for the PLUS loan.
If parents choose not to pursue the PLUS loan after being denied, then we can award the student an additional amount in a Federal Unsubsidized Direct Loan. For first and second year students, the additional amount is $4,000; for third and fourth year students, the amount is $5,000.
Private Student Loans
Another financial option is private student loans. It is encouraged for students and families to be informed consumers when it comes to loan options, click here for a Comparison of Federal Loans vs. Private Loans to help you determine which loan best suits your family and circumstances. Often borrowing from the Federal Direct Loan programs over applying for a private student loan may be a better option due to the Department of Education’s low interest rates and various repayment options.
Many private commercial lenders offer student loans for educational purposes. Students apply to these programs directly with the lender of their choice. Typically, private lenders provide online application processes through their websites. In most cases, students will need a U.S. credit-worthy cosigner to be eligible for private loans. Ringling College offers a private student loan portal called ELM Select as a reference for students exploring the different lenders for private student loan options. Loan amounts requested are processed for the full academic year and then disbursed during the fall and spring semesters (unless students are graduating during the fall semester).
ELM Select helps you compare different lenders to determine which loan would best suit you and your family. The lenders provided on ELM Select are by no means a list of all available lenders. It simply represents lenders that students have historically borrowed from here at Ringling.
Federal Direct Student, Parent PLUS, and private educational loans can be used for tuition, books, supplies, housing, food, and any other educationally related costs. Many families borrow either the PLUS loan or a Private student loan to cover the annual amount due to the college.
Financial Aid
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Financial Aid at Ringling
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