Image: Student studying at the library

Available Loan options

As you are deciding what loans to borrow and for how much, be sure to borrow only what you need to cover your tuition and fees. It can be very tempting to borrow more than just what you need, but remember: the decisions you make now impact your future. We are here to help. Should you have any questions regarding these loan options, please contact our office.


The Federal Direct Loan Program is a guaranteed student loan that allows students to borrow money toward their education and is deferred while the student is in school. However, interest accrues on the unsubsidized loan and can either be paid while the student is school or deferred. The interest rate is fixed and is based upon the type of loan that you are awarded. For the 2022-2023  academic year, undergraduates loans, both subsidized and unsubsidized are fixed at 4.99%; graduate students are only eligible for an unsubsidized loan and their interest rate is fixed at 6.54%. More information about the Federal Direct Loan program can be found online. Interest rates prior to the 2022-2023 academic year can be found online here.

New borrowers at Hiram College of the Federal Direct Loan are required to complete a Master Promissory Note (MPN) and loan counseling, called entrance counseling, which are both completed online.  You will need your FSA ID to complete these steps. Your FSA ID is the information you used to sign your FAFSA. We will receive notification that these steps have been completed electronically within 24-48 hours. 


Students that borrow federal loans while attending Hiram College are federally required to complete Exit Loan Counseling when they graduate or withdraw. This process is completed online using your FSA ID and password. Failure to complete this requirement can result in your Hiram College transcripts in being held.

For additional information about repayment, including repayment plans, please visit the Department of Education’s Student Loan Repayment webpage.


The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a loan borrowed by the parent on behalf of the student. Parents can borrow up to the cost of education less any financial aid the student has already received. The interest rate for loans borrowed for the 2022-2023 academic year is 7.54%. Repayment on this loan begins once the loan has been fully disbursed, which is typically in January or February of the academic year in which the loan has been borrowed. This loan is not guaranteed and is based upon credit-worthiness. Should you apply and be denied this loan for any reason, the student is automatically eligible for an unsubsidized loan for either $4,000 (for freshman and sophomores) or $5,000 (for juniors and seniors).  You can also elect to re-apply with an endorser.

More information about the Federal Direct PLUS Loan can be found online by clicking here.

To apply for the Federal Direct PLUS Loan

Your parent logs on to using their FSA ID to apply directly with the Department of Education.  The outcome of the PLUS Loan application will be sent to Hiram College electronically 24-48 hours after it has been processed by the Department of Education.  If approved, we will incorporate the PLUS Loan as part of your financial aid award.  If denied, you do have the ability to reapply with an endorser or appeal the credit decision.  If neither of these are an option, the student is eligible for an additional unsubsidized loan in their name as described above.

Once approved, you will need to complete a Master Promissory Note (MPN), which is completed online at Please note that you will need a FAFSA PIN to electronically sign the MPN. If you do not already have a FAFSA ID, you can apply for one at


Lender List Rationale

Hiram College carefully reviews lenders’ policies and products each year to find the best rates and service for our students. After an extensive review, we have compiled this list of lenders based upon past experience and qualifications to help you select your lender for your private alternative loan. These lenders offer excellent customer service and offer online tools that make applying for and managing your loans easy. Along with excellent customer service, Hiram College is committed to choosing lenders who offer outstanding benefits to our students. The lenders included in this list offer savings to the borrower in the form of interest rate reductions, principal reductions, rewards and/or rebates.

You should always maximize your federal aid first. While at first glance it may seem easier to borrow all of your loan funds through one loan program, the alternative loans tend to carry higher, variable interest rates than the Stafford Loan. If you still have a balance after you have exhausted your federal, state and institutional grant and loan options, you can look to an alternative loan to fill in the difference. As stated above, be sure to borrow just what you need and do your research. A little time spent now can save you money in the future. There are many alternative loan programs available to students and not all loans are the same. They vary greatly and some of the things to pay attention to in your research is the interest rate (and how it is determined), repayment options, co-signer release, and fees.

You are not required to use the lenders that are listed here. Should you choose to borrow from a lender that is not listed, please contact our office so that we can counsel you on the process you need to follow to ensure timely processing of your loan.

Alternative loan options we have put together for you

Completing an EXIT Interview

This link is only to be used by students who have been directed to complete an online exit interview for their Federal Direct Loan because they have withdrawn from Hiram College and/or transferred to another school or are graduating: