Loan Information

Loans are borrowed funds that must be repaid. Before borrowing, review all options and understand your responsibilities.

Start Here

We strongly recommend that you:

Federal student loans are typically the best first option.

Types of Loans

Federal Direct Loans (Students)

Stafford Loans are available to undergraduate and graduate students who complete the FAFSA.

  • May be subsidized or unsubsidized
  • Fixed interest rates
  • Flexible repayment options

These loans are included in your financial aid offer in NEST.

Federal PLUS Loans

Available to parents of dependent undergraduate students.

  • Credit-based approval
  • Covers up to the Cost of Attendance
  • Repayment begins shortly after disbursement (with deferment options)

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

Private Educational Loans

Private loans are offered through banks and private lenders.

  • Credit-based approval
  • Terms and rates vary by lender
  • May require a co-signer

Private loans should be considered after federal options.

Montclair does not recommend specific lenders.

Before You Borrow

Consider the following:

  • How much do you actually need to borrow?
  • What will your monthly payment be after graduation?
  • What are the interest rates and fees?
  • Are there better federal options available?

How to Apply for Loans

Private Loans

  • Apply directly with a lender
  • Compare multiple lenders before choosing
  • Loan must be certified by the University

Loan Limits and Eligibility

Your eligibility depends on:

  • Grade level
  • Enrollment status (must be at least half-time)
  • Dependency status
  • Federal regulations
  • Prior loan borrowing

Loan amounts are listed in your financial aid offer in NEST.

Receieving, Repaying & Managing Loans

Receiving Your Loans

  • Loans are applied to your student account
  • Excess funds are issued as a refund
  • You may use refunds for educational expenses

Repaying Your Loans

Repayment typically begins after you:

  • Graduate
  • Withdraw
  • Drop below half-time enrollment
  • Standard repayment
  • Extended repayment
  • Graduated repayment
  • Income-driven repayment

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

Managing Your Loans

You can:

  • View your loan history on studentaid.gov
  • Contact your loan servicer for repayment help
  • Request deferment or forbearance if needed

Important Requirements

  • You must complete Exit Counseling when leaving the University
  • You must remain enrolled at least half-time to receive loans
  • Defaulting on a loan will impact future aid eligibility

Special Situations

Defaulted Loans (Fresh Start)

Some students in default may be eligible to regain aid eligibility through federal programs.

Check NEST or contact the Financial Aid Office for next steps.

Forms and Resources

These forms are submitted to your loan servicer unless otherwise noted.