In addition to our merit and need-based gift aid, a number of loan programs are available to assist families in meeting educational costs. In some cases the loan is taken out by the student, who assumes full responsibility for repayment. In other cases the parents are the borrowers.
Below are several loan programs frequently used here at Beloit College.
We urge you to complete your loan application(s) entirely online. To do so, you will need the four-digit number (PIN) you used to sign your FAFSA electronically. If you have any questions or would like to discuss different options, please don’t hesitate to contact us. Our goal is to work closely with each family to ensure that any borrowing is strategic and well-informed.
All PLUS and Federal Direct Loan applications should be completed by July 15 in accordance with our fall semester payment deadline scheduled for mid-August.
Federal Direct Loan: Entrance Counseling
By following this link, you will be taken to the Federal Direct Loan site. Please click on the “Sign In” under Manage My Direct Loan. After registering, you will complete Entrance Counseling, a process to make sure you understand the terms of the loan. Reviewing the information carefully will help you complete the entrance counseling successfully. Upon successful completion, please complete the Federal Direct Loan Master Promissory Note. Beloit College’s Federal Direct Loan school code number is: G03835.
Federal Direct Loan: Master Promissory Note
You may not complete the Federal Direct Loan Master Promissory Note until you have completed the Entrance Counseling. Your loan application process is not complete until you fully complete Entrance Counseling, the Federal Direct Loan Promissory Note and e-sign using your Federal PIN number. Beloit College’s Federal Direct Loan school code number is: G03835. Once you have completed all of this process, the Federal loan processor will communicate directly with the College so we may complete the school’s certification of your Federal Direct Loan.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
This link will take you to the Federal Direct PLUS Loan web site. Please click on the “Sign In” link under Manage My Direct Loan. After registering, please complete the PLUS loan Master Promissory Note. Beloit College’s Federal Direct Loan school code number is: G03835. If you are unsure of how much to request, you may contact the College for assistance or check the box requesting us to calculate the maximum loan eligibility (this does not obligate you to borrow the full amount). Keep in mind that a 4.2% origination fee is deducted from the loan proceeds. If the loan application is approved, we will automatically be notified so we can complete the college’s loan certification and arrange for funds to be disbursed directly to the College.
Federal Perkins Loan
The Financial Aid Office will evaluate the student's demonstrated need during the financial aid process and include the Perkins Loan in the financial aid package, if the student is eligible. Borrowers who are new to Beloit College must complete Loan Entrance Counseling before the Financial Aid Office will authorize disbursement of the Perkins funds. Entrance Counseling may be completed online prior to the student's arrival on campus. A Perkins Loan Master Promissory Note (MPN) will be sent to the student during the summer, and the student must return the signed MPN to the Financial Aid Office.
TMS – Interest Free Monthly Payment Plans
Beloit contracts with Tuition Management Systems (TMS) to provide an interest-free monthly payment plan to families as a means of minimizing debt and addressing the cash-flow issues that many families face. Aside from a $65 annual enrollment fee, there are no other costs to the program, assuming payments are made on-time.