Federal Loans
Loans are funds borrowed by the student or parent. In most cases, the principle and interest charges must be repaid by a specific deadline.
Stafford Loans
Subsidized Stafford Loan: A subsidized loan is awarded on the basis of financial need. It is funded by the federal government and administered through colleges and universities. Students receiving these loans are not charged any interest and do not have to begin repaying the loan while they are enrolled in school at least half time, during a grace period, or during authorized periods of deferment.
Unsubsidized Stafford Loan: With an unsubsidized loan, you will be charged interest from the time the loan is disbursed until it is paid in full. You may choose to pay the interest while you're in school to reduce your final repayment amount.
NOTE: As a first-time borrower at Duquesne University, for both subsidized and unsubsidized loans, you must complete the following before the funds will release to your student account:
- Master Promissory Note (MPN)
- Entrance Interview available through American Education Services (AES)
Both the MPN and Entrance Interview are completed online at www.aessuccess.org.
Perkins Loans
Federal Perkins: A Federal Perkins Loan is a low-interest (5 percent) loan for undergraduate students with financial need.
Interest does not accumulate until repayment begins.
- Duquesne University is your lender.
- You must repay this loan to Duquesne University.
*You must complete a Perkins Loan Promissory Note that will be sent to you from Duquesne University each academic year.
*As a first-time borrower at Duquesne University, your must complete the Institutional Entrance Interview online at Financial Counselor.
Nursing and Health Professions Loans
Selection and repayment identical to Perkins loan except that only full-time; dependent freshman undergraduate Nursing students are eligible for the Nursing Loans and only full-time, dependent undergraduate Pharmacy (not Pre-Pharmacy) students in years 3 thru 5 are eligible for the Health Professions Loan.
*You must complete a Nursing / Health Professions Loan Promissory Note that will be sent to you from Duquesne University each semester.
*As a first-time borrower at Duquesne University, your must complete the Institutional Entrance Interview online at Financial Counselor.
Parent PLUS loans
A Federal loan available to parents of dependent undergraduate students. A separate application is required and may be obtained through most banks and lending institutions. You can also apply online at www.aessuccess.org. Maximum is calculated cost of education minus all financial aid.**
**If awarded Federal Work-Study, it will reduce the amount approved by the school in the PLUS loan. It is recommended the student declines the Work-Study award if not working so as to allow the maximum eligibility in the PLUS loan.
Must be credit-approved for eligibility. If parent is denied by lender, student is then eligible for additional Unsubsidized Stafford loan funds:
Freshman and sophomore: Additional $4,000
Junior and senior: Additional $5,000
Note: Student must be enrolled at least half-time and meet all other requirements.
Graduate PLUS loans
A Federal loan available to Graduate students. A separate application is required and may be obtained through most banks and lending institutions. You can also apply online at www.aessuccess.org. Maximum is calculated cost of education minus all financial aid.
You must be enrolled at least half-time, credit-approved for eligibility (may use co-signer), and complete the Free Application for Federal Student Aid (FAFSA). Additionally, you are required to first apply for your annual loan maximum eligibility in Stafford loans.
*As a first-time borrower at Duquesne University, your must complete an Entrance interview online through American Education Services.
Alternative Educational loans
Duquesne University strongly urges students to apply for Stafford loans and parents of students to apply for PLUS loans before resorting to Alternative loans. However, Alternative loans may be an effective method of financing unmet costs of education for some students. The University recommends that students apply with co-signers to secure the best possible interest rates.
For Information on Education Lenders:
- Pennsylvania Education Lenders Association: www.pelalenders.org
- American Education Services: www.aessuccess.org
