Education Loan Programs
Education loan programs are most frequently used to fund education due to federal subsidies, the incorporation of in-school deferment options, and/or possible tax advantages (depending on the specific loan).
Since each loan is credit-based, parents and/or students with credit problems may need to seek a cosigner to take advantage of these options. Unlike a home equity loan, these loans are intended solely for educational purposes, thus a borrower may not receive more than the budgeted cost of attendance less any financial aid received.
Brandeis University strongly encourages students to exhaust all federal sources of financial aid before considering private loans. To apply for federal aid, the student and, if applicable, the parents must complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Title IV federal assistance includes the Federal Pell Grant (awards range from $650- $6,495 for undergraduates), the Federal Supplemental Educational Opportunity Grant (awards are typically $1,000 undergraduates), Federal Direct Stafford Loans (maximum of $5,500/year for first-year students, $6,500 per year for sophomores, $7,500 per year for juniors and seniors and $20,500 for graduate students).
Parents or graduate students may want to apply for a Federal Direct PLUS Loan. To learn more about this option, please visit our PLUS Loan page.
Non-Federal Loan Programs
ELMSelect Loan Comparison Tool
Students and families may wish to consider non-federal student and parent loan programs. ELM Resources, the only not-for-profit mutual benefit corporation serving the student loan industry today, offers a lender comparison solution, ELMSelect, for schools that provide their own page to display a recommended lender list. ELMSelect offers students the ability to compare and select the loan that best fits their needs. Over 1,800 campuses use ELM Resources to send and receive loan data for alternative loans with the lender of their choice.
We encourage you to use ELMSelect to assist you in determining the right loan choice for you and your family. The criteria considered in choosing the lenders included on this site may include:
- Historical Listing – A previous lender to Brandeis University student borrowers
- Quality customer service as well as timely processing
- Borrower benefits (including low interest rates, no origination fees, co-signer release, and principal and interest rate reductions)
- Many other reviewed attributes
Students and families are advised to compare the loans featured in ELMSelect with other private loan products to determine the loan that best suits their needs.
Students and parents have the right to select the private education loan provider of their choice, and are not required to use any of the lenders or loans listed in ELMSelect.
Credible Loan Comparison Tool
Credible is an online tool that allows students to compare personalized loans from multiple lenders. Students can analyze prequalified rates, terms, and eligibility rules side-by-side in just a matter of minutes.
Credible is not a lender or bank. Credible partners with student loan lenders so that applicants have a variety of competitive options, each addressing their particular needs.
Credible is completely free! You can find out more about Credible and begin the process at credible.com/brandeisuniversity