For coronavirus information for students, borrowers and parents, please refer to https://studentaid.gov/announcements-events/coronavirus for additional updates.
Thinking About Borrowing?
Loans are often needed to help pay for college. Get educated, both here on our website and by visiting with your Financial Aid Counselor. A summary sheet is also available to help you get started.
How Loans are Determined
- DU recommends most students start with their base (lowest) level loan eligibility amount ("subsidized ability").
- This approach helps you manage your debt and complete your program before you reach lifetime loan limits.
- You may be eligible for additional unsubsidized money, such as PLUS loans and/or Grad PLUS loans.
- Browse our financial aid pages to learn more, then come to the Financial Aid office and let's talk!
Fact: Loans MUST be Repaid
It might seem strange to read the sentence above; however, it's the main reason you want to be smart about borrowing. It is not "free money," but if you are just getting started with budgets and learning financial obligation, it can seem that way at first. Don't make that mistake. Remind yourself that every cent you borrow is more than a cent you will have to pay back.
Face the Facts. You'll be Glad You Did.
- Even if you drop out of school, loans must be repaid.
- Even if you do not get a job right away in your chosen field, loans must be repaid.
- Even if you do not finish your degree, loans must be repaid.
You need to be careful about borrowing because defaulting on student loans will damage your credit and cause other difficulties as you are trying to establish your career.
Student loans can be a very useful resource to pay for college. It's just that at Davenport, we want to help you understand all aspects of the student loans and show you additional options.
Davenport University is required to report loan information, for parent and student borrowers, to the National Student Loan Data System (NSLDS). NSLDS is a national database viewed by schools and lenders.
Let Us Help
- Know what you are borrowing.
- Use the government website NSLDS to help you monitor your total borrowing.
- Meet with your financial aid counselor to develop a plan.
- Use Career Services to find part-time jobs, including work study.
- Research scholarships.
- Develop a careful budget.
Loan default resolution
If you are already in default with a student loan, the information below will assist you in reestablishing your eligibility.
It is likely that the U.S. Department of Education (USDOE) has reported that you are in default on repayment of a student loan. This means that you are ineligible to receive any type of federal, state or Davenport University institutional aid. In order to resolve your default status, you must submit verification that your defaulted loan(s) are either paid-in-full, or in good standing. Acceptable documentation must be in writing and come from the holder of your defaulted loan(s).
If you are not sure what institution or agency currently holds your defaulted loan(s), you may access the National Student Loan Database at https://studentaid.gov/. You will need your USDOE PIN to access the database.
Once in the NSLDS site, you will gain access to a complete history of your student loan borrowing, with the status of each loan and the name of your loan holder(s). Contact information for your holder(s) is contained in your loan detail. Once you have received your written documentation, forward it to the Financial Aid Office immediately. Your financial aid file can not be processed further without this documentation.
Federal regulations require that transfer student rules apply to all students who have attended another postsecondary educational institution and the prior school’s academic year or loan period overlaps the academic year or loan period at Davenport University. The new institution (Davenport) is required to ensure that the new loan amount, when combined with any amounts previously borrowed, does not exceed the annual loan limits for the student’s grade level at Davenport. This means that loan eligibility may be reduced for transfer students during the first and sometimes second semesters of enrollment at Davenport. A transfer student’s grade level is determined by the number of credits the student has earned at Davenport, combined with the total of transfer credits accepted by Davenport that apply to the student’s declared program of study. During the academic year applicable for the annual loan limit (two consecutive semesters), a student’s loan amount can be increased only if there is remaining eligibility up to the annual loan limit, or the student has advanced a grade level within the declared program of study at Davenport (the loan amount may be limited by the Cost of Attendance or Need, depending on the loan type). Annual loan limits are prorated for programs less than one year in length, and for remaining portions of programs less than an academic year in length, when a student is completing the program.