Parent Loans

The Federal Direct Parent Loan Program is a credit-based loan available to assist parents and legal guardians with financing their student's educational expenses. This loan allows a parent to borrow up to the total cost of education less the amount of financial aid that has been awarded to the student.  If a parent is denied due to negative credit, a student may borrow an additional $4,000 per year in the Federal Direct Unsubsidized Loan.

Things to Know:

  • Funds are delivered electronically to the student's school account.
  • A 4.272% origination fee is deducted from each disbursement.
  • Interest begins accruing from the date of the first disbursement (fall semester) and repayment begins 60 days from the final annual disbursement (spring semester).
  • The 2018-2019 interest rate is fixed at 7.595%.
  • The loan payments may be deferred while the student is enrolled.
  • Parents can initiate the credit approval process after April 1 at The parent should sign in using the parent FSA ID and click "Start PLUS Application Process." Once approved, the parent will be given the option to complete and e-sign the master promissory note (MPN).


Alternative Loans

Federal Direct Loans are the best loan choice for a student, but alternative, or private, loans are also available. Alternative loans may be a solution if you still find a gap between your financial aid package and your direct cost to the College.

Alternative loans do not require the FAFSA. The student is the borrower, but a credit-worthy co-signer is required. The interest rates are usually variable, but some lenders are offering fixed interest rates based on the credit-worthiness of the co-signer.

In most cases, there is no origination fee and repayment is deferred while the student is in school. Interest accrues during in-school and repayment periods.

FastChoice is a comparison tool for alternative loans, providing online access to reputable private lenders that Centenary students have used within the last three years. Using this tool will help you find the most competitive interest rates and repayment options if you are interested in applying for an alternative loan. You are more than welcome to use a lender that isn't represented on this tool.  Just let us know if you decide on another lender.

Notice of Nondiscriminatory Policy The institution does not discriminate in its educational and employment policies against any person on the basis of gender, race, color, religion, age, disability, sexual orientation, national or ethnic origin, or on any other basis proscribed by federal, state, or local law.