Loan Information

Available to parents of dependent undergraduate students.

Eligibility for a Direct PLUS loan is determined by a credit review. Parents determined to have adverse credit will not be approved. Parents who are denied a PLUS loan may apply with a qualified endorser. An endorser is someone who agrees to repay the loan if you do not repay it.

Only one parent needs to apply for a PLUS loan. If a parent is denied a PLUS loan, a student will be eligible to receive the additional Unsubsidized Stafford Loan that an independent student would be eligible for.

Either the custodial parent or noncustodial parent or both are eligible to borrow from the PLUS loan program, provided the combined amounts borrowed do not exceed the cost of attendance.

Legal guardians that are not parents or step-parents, siblings, aunts/uncles and grandparents are not eligible to borrow from the PLUS loan program.

Discontinued to new borrowers beginning 2026-2027 award year. See the Federal Financial Aid Changes page. 

• Students who are not meeting Satisfactory Academic Progress (SAP) should check the lender's SAP borrowing policy before applying. You can use the filter section on ELM Select if you are using this system.
• Register for ALL of the courses you plan to take BEFORE you apply for your loan to assure your loan is certified for the correct amount. Increases may not be possible after the loan is certified.
• Apply for the private educational loan within 90 days of the end of the semester to ensure your credit does not expire. If your credit check expires, you will need to complete a new application.
• After the application approval, choose the lender that fits your needs the best.
• A separate loan application is required for summer session(s) and for each academic year.

Here are several questions you may want to consider when choosing a private loan:

• What is the interest rate? Is it fixed or variable?
• What fees must be paid and when are they due?
• What are the repayment terms? Is there a grace period? Are there deferment or forbearance options?
• What will my monthly payment be?
• Do I need to be admitted to a degree or certificate program?
• Do I need to be enrolled at least half-time?
• Is there a Satisfactory Academic Progress requirement?
• Can the loan be applied to past periods of enrollment? If so:
• Within what timeframe must students apply if they are still enrolled at Montclair State University?
• Within what timeframe must students apply if they have withdrawn or graduated from Montclair State University?

Private education loans vary by lender. You should compare the loan terms and conditions and choose the one that best fits your situation. You can compare private loans from multiple lenders using either of the following options:

The ELM Select Tool displays a neutral list of private lenders that Montclair State University students have borrowed from in the past. 

Please Note: The use of a lender listed on ELM Select is not required. You may choose to work directly with a particular educational lending institution or use a multi-lender, single application service.

Montclair State University is a school that uses a “Historical Lender List.” Historical Lender Lists are a neutral approach that do not offer preferential treatment towards lenders. Montclair State University does not promote the use of any specific lender.

• Advising may be provided to students regarding the school’s ability to certify loans from specific lenders due to eligibility requirements
• Advising may be given as requested on how to find a loan appropriate to the student’s eligibility requirements

Definition of Private Educational Loan

Private educational loans are exclusively for educational purposes and are defined as loans that are not provided through the Federal Direct Lending program (Stafford, PLUS, Perkins). Other private loans that are not exclusive to education (e.g. personal loans, line of credit, etc.) may be used by students and/or families for educational purposes are not defined as private educational loans.

School Certification Requirements

Montclair State University (hereby referred to as the University) does not require that a student obtain a private educational loan. It also does not require that the loan be certified by the University. However, the University will not include any loan that does not require school certification on the University’s historical list.

Loans not certified by the University will not be processed and posted through financial aid.

If a loan is not certified by the University, the University will not certify that loan to be included in future consolidation loans where required.

ELM Select

The University uses ELMSelect for processing certifications, making modifications and disbursements. The ability to process, certify, or disburse loans through ELM select is not required. If a lender does not process funds through ELMSelect, they may use another means to have us certify the loan.

Loans for Students Entering With, But Not Limited To, F or J Visas

• Lenders who specialize in lending to only international students do exist and are listed on ELMSelect.com, as well as on other lending sites.
• Students are encouraged to review all of the lenders that may be available to them on ELMSelect.com, as more lenders are adding products for international students and this policy applies to certification requests submitted to financial aid for international students.
• Montclair State University receives certification requests for students who are entering school with, but not limited to, F or J visas.

In order to certify these loans, Montclair State University must ensure that the student is meeting the minimum registration requirements as set out by U.S. federal regulations:

• Graduate Degrees other than the Artist’s Diploma: enrollment in a minimum of 9 Credits
• Artist’s Diploma: enrollment in a minimum of 6 Credits
• Undergraduate Degree: enrollment in a minimum of 12 Credits 

In addition, Montclair will only certify the private educational loan if the student is registered and an accurate Cost of Attendance/Budget (COA) is calculated.

• Montclair will certify loans based on the academic year (AY) which begins with fall.
• COA is based upon semester enrollment. 
• A student seeking a loan for a full year in January will have a loan certified only for the terms within the AY in which the student will be enrolled (spring or spring/summer). 
  • A new loan must be submitted for the next fall/spring.
• Prior to certification, students need to complete a Precertification Form for review. Students must be logged into their @montclair.edu email account to respond.
• The student who borrows from an exclusively international lender will have an opportunity to respond with a Cost of Attendance Re-evaluation Request (with supporting documentation) before the loan is sent to the lender for final processing. A link to the Cost of Attendance Re-evaluation Request Form is provided on the Precertification Form.
• Prior to loan disbursement, registration will be monitored for all students with a private educational loan.
  • If student withdraws from courses prior to the end of Add/Drop or they defer their enrollment to a later date, the private educational will be cancelled and/or rejected via ELM.
  • Records of these transactions will be maintained within Financial Aid for a period of three years.

Single Application/Multiple Lender Service Sites

The University permits loans to be obtained by the student outside of the historical lender list and the ELMSelect site. The University may provide information for an external third party site that provides a single application platform for multiple lending services as long as it:

• Provides a beneficial service to the student/family.
• Includes loans that are part of the historical list.
• Does not promote preferred lenders above any of the lenders included on the site.
• The University will provide a link to the site, but will also include a disclaimer that not all loans are provided from the historical list.
• The University encourages students to research their options carefully before choosing a loan through a single application platform service.

Non-Traditional Educational Funding

The University does not promote private educational funding products that do not fully disclose the nature of their costs. For example, Income Share Agreements (ISA) must disclose that their product does not provide the same protections that are given through The Truth in Lending Act. Lender disclosures may not present any information that is potentially misleading such as implying that there is no interest paid on the loan. To be included on ELMSelect or any other listing service that is used for processing by the University, the product must be able to be displayed under its own category where the University can add disclaimers and provide information to the student about ISA and the difference between an ISA and a loan.

• Standard repayment
• Extended repayment
• Graduated repayment
• Income-driven repayment

Loan servicers manage repayment. Always stay in contact with your servicer.

View Repayment Calculator