Loans & Financing Options

As I’m sure you know, a college education only appreciates in value. The superior education, quality experiences and ample opportunities available at SHU set every student up for an extremely successful future.

Within our graduating class of 2011, 76% of our students borrowed through either the Federal Perkins, Federal Stafford or Federal Direct loan Programs with an average 4 year indebtedness of $21,882.

In total, 77% of our graduating students borrowed through loan programs including federal, state or private programs. Their average indebtedness at graduation while in attendance was $45,402.

  • Graduation Rate Percentage of full-time students who graduate within 6 years 67.8%
  • Loan Default Rate Percentage of borrowers entering repayment and defaulting on their loan 3.7%
    • Sacred Heart University 3.7%
    • National  13.4%   
Federal Sources Eligibility Requirements Award Ranges

Federal Direct Stafford Loan Subsidized Program

Students who have demonstrated financial need beyond what financial aid covers are eligible to borrow under this program. The government will pay all interest during the in-school period, and principal repayment is not required while the
student is in school.

$3500- yr 1
$4500- yr 2
$5500- yr 3 & 4

Aggregate Limit - $23,000

Federal Direct Stafford Loan Unsubsidized Program Students who do not have demonstrated need may borrow under  this program. Interest will be paid by the borrower while borrower is in school.  However, student may opt to defer
payment until  they leave school.

Dependent students are eligible for an additional $2000.

Independent students are eligible for an additional:
$6000- yrs 1 &2
$7000- yrs 3&4

Aggregate Limit for Dependent students - $8,000

Aggregate Limit for Independent Students - $34,500

Federal Perkins Student Loan U.S. Citizen or permanent resident alien enrolled as an undergraduate with exceptional financial need.

Amounts vary per year

Federal Direct Parent PLUS Loan

The federally sponsored Parent PLUS loan is a low interest student loan for parents of undergraduate, dependent students. With a Parent PLUS loan, families can fund the entire cost of a child's education  (less other financial aid).

Cost of Attendance less other financial aid.
State Sources Eligibility Requirements Award
Ranges
Connecticut Credit Unions Recent legislation in Connecticut has been approved to assist state residents secure low-interest college loans. Variable
CHESLA Loan The student is the borrower. Generally, a student will also need a co-applicant who meets the income requirements. A co-applicant does not have to be a parent. A co-applicant will be equally responsible for repayment of the loan.   Students from other states outside of Connecticut are able to apply for this loan
since they will be attending a Connecticut school.
Cost of attendance less other financial aid.
NJ Class Loan
NJCLASS allows students or parents to borrow the money needed to meet the cost of education after all other sources of student aid are exhausted.  There are no annual and/or aggregate loan limits.  NJCLASS may be used for school related expenses including
tuition and fees, books, supplies, and room & board. This loan is only available for New Jersey state residents and can be used to attend Sacred Heart University.
Cost of attendance less other financial aid.
MEFA Loan

MEFA — the Massachusetts Educational Financing Authority — is
committed to making college more accessible and affordable. They are a non-profit self-financing state authority, not reliant on state or federal appropriation, that serves students and families in Massachusetts and can be used to attend Sacred Heart University.

Cost of attendance less other financial aid.
RI Family Education Loan The Rhode Island Student Loan Authority (RISLA) offers Rhode Island state residents an educational loan with competitive interest rates and repayment terms.  This loan is only available for RI residents and can be used to attend Sacred Heart University. Cost of attendance less other financial aid.

Alternative Loans
Alternative loans provide an additional funding option often at an interest rate lower than other lines of credit.