Loan Information
Considering a loan? Start here.
Some families choose to finance their college costs through loans. A loan is a form of financial aid that must be repaid with interest. Given the debt burden associated with taking on a loan, we encourage you to contact us prior to borrowing.
Federal vs. Private
Federal loans consist of the Federal Direct Student Loan (FDL) and the Federal Direct Parent Loan
for Undergraduate Students (FPLUS). Interest rates are set and monitored by the . For loans made between July 1, 2025 and July 1, 2026, see rate and fees below:
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Private loans are available from commercial lenders to students and parents who need funding beyond the limits of need-based loan programs. The interest rates on these loans are determined based on your credit rating, debt-to-income ratio, and the credit of your co-signer. |
Federal loans
Deadlines to apply for federal loans for the 2025-2026 Academic Year:
- Fall only 2025: December 10, 2025
- Spring only 2025: April 29, 2026
- Academic year: April 29, 2026
Enrolled and returning students may apply for a Federal Direct Student Loan at any point throughout the term for which you want the loan, however, there are enrollment minimums and FAFSA deadlines that must be met.
Tracking your federal loan
- You can find your borrowed loan information by going to this .
- To log in you will need your FSA username and password.
Federal Direct Student Loans
- Step 1: Complete your FAFSA: The student must file the
- Step 2: Complete Direct Loan Entrance Counseling (first-time borrowers): If you're a first-time borrower, complete the required using your FSA username and password. If you’ve done this in a previous year at Skidmore, you don’t need to do it again.
- Step 3: Complete the Direct Loan Master Promissory Note (MPN): If you're a first-time borrower, complete the . If you’ve done this in a previous year at Skidmore, you don’t need to do it again.
Federal Direct PLUS Parent Loans
- Step 1: Complete your FAFSA: The student must file the
- Step 2: Apply for the PLUS Loan: Please . If denied due to credit, you can use an endorser or address credit issues. If still denied, contact the Financial Aid Office to explore additional unsubsidized loan options for your student.
- Step 3: Complete the Direct Loan Master Promissory Note (MPN): If approved, If you’ve done this in a previous year at Skidmore, you don’t need to do it again.
- Step 4: Submit the Certification Statement: The borrowing parent must complete and submit the Certification Statement to the Financial Aid Office.
Private Loans
Private (alternative) loans are offered by banks to supplement your financial aid package. Unlike federal loans, they aren't guaranteed by the government but must be certified by the Financial Aid Office to ensure they don't exceed your cost of attendance minus other aid. These loans are typically disbursed in two installments directly to your student account.
Since private loans are based on income and credit, most students will need a creditworthy co-signer. Many lenders offer parent loans as well. Interest rates, fees, and repayment terms vary, so it's important to explore all federal loan options first.
Before borrowing a private loan
Private loans can help fill funding gaps — but they work differently than federal loans. These FAQs will help you know what to ask, what to compare, and how to decide if a private loan makes sense for you. If you have questions, email or call us — we’re here to help.
- Finding a private loan: Â鶹ŮÀÉ doesn’t have a list of preferred lenders. Local banks, credit unions, and websites like are good starting points. Compare terms and ask questions so you can make an informed choice. Once approved, Â鶹ŮÀÉ will certify your eligibility before funds are applied to your account.
- Review your financial situation: Look closely at your family’s full financial picture and all possible funding sources. Explore every option before turning to a private loan.
- Maximize federal loans first: Always use your full Federal Direct Loan eligibility before considering private loans — which should be your last resort.
- Know your total borrowing plan: Think about how much total loan debt you and your family are willing to take on. Consider not just one year, but the full four years — and what repayment might look like based on your expected income after graduation.
- Compare benefits and features: Look carefully at each loan’s details — including fees, grace periods, repayment terms, how interest rates are set, co-signer release options, and borrower benefits or incentives.
- Watch how often the interest rate may change: Some loans adjust monthly, others quarterly. When rates are rising, monthly changes could mean you pay more.
- Consider grace period and repayment term: A longer repayment term means lower monthly payments, but more interest over time. If you want time between leaving school and starting payments, choose a loan with a grace period.
- Understand co-signer release terms: Some lenders allow co-signers to be released after you make a certain number of on-time payments — and prove you can take over repayment. Ask how many payments are required and how they determine your eligibility.
- Ask about borrower perks: Some lenders offer interest rate reductions for on-time or automatic payments. But many borrowers miss out due to late payments. If this benefit matters to you, ask how automatic payments from your bank account might help you qualify.
FSA Ombudsman
It is important for student borrowers to keep records of all loans requested. The works with student loan borrowers to informally resolve loan disputes and problems with Federal Direct PLUS Loans, Federal Direct Student Subsidized and Unsubsidized Stafford Loans, Perkins Loans. The Ombudsman Customer-Service Line is 1-877-557-2575.
Â鶹ŮÀÉ is committed to protecting the rights of and serving only the interests of students and parents as outlined in our code of conduct.