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Spelman College Graduates

Student Loans

Spelman College participates in the William D. Ford Federal Direct Loan Program that enables students who are enrolled half-time or more and parents to borrow low-interest loans for educational expenses directly from the U.S. Department of Education.  

Direct Loans are considered self-help aid. In order for Spelman to disburse your student loan funds to your account, you must complete a master promissory note and entrance loan counseling. Also, parents must complete a PLUS application and Master Promissory Note at the Federal Student Aid website.

The National Student Loan Data System
As a consumer, you need to be aware that the U.S. Department of Education will post your Federal Direct Loan data on the National Student Loan Data System, which is accessible by federal student loan guarantee agencies, lenders and institutions which the Department of Education has authorized access to this data system. Visit for more information.

Direct Subsidized and Unsubsidized Loans

There are two types of Direct Student Loans: Direct Subsidized Loans and Direct Unsubsidized Loans are both federal student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education.

The Federal Direct Subsidized Loan: The U.S. Department of Education pays the interest on the Subsidized Loan amount borrowed while you remain in school at least half-time and continues to be paid through the six-month grace period after graduation or leaving higher education.  This loan is based on financial need.

The Federal Direct Unsubsidized Loan: You are responsible for paying the interest on the Unsubsidized Loan from the time the loan is disbursed until it is fully repaid. You can pay the interest while in school or allow the interest to accrue.  Any accrued interest will be added to the principal balance of the loan at the end of your loan grace, or deferment period (capitalized).

Steps to Complete Your Loans:

Once you receive your Financial Aid Offer notice, you may “accept” your loans by completing the steps below:

Direct Student Loans (Subsidized and/or Unsubsidized)

All steps must be completed.


  • Log into mySpelman with your OneSpelman password
  • Click on Banner Icon (Under Apps)
  • Click Student under Home (left column)
  • Click Banner Student Services
  • Click Financial Aid
  • Click Award Year Drop Down arrow and select appropriate aid year
  • Click Award Offer Tab
  • Scroll Down to Loans to accept/decline/modify your Loans


  • Log on Entrance Loan Counseling with the student's FSA username and
    password (not the parent's)
  • Choose ‘Loans and Grants’
  • Click on Loan Entrance Counseling 
  • Click ‘Log In To Start Button at I’m an Undergraduate Student’


  • Choose ‘Loans and Grants’
  • Click on Master Promissory Note (MPN) 
  • Click ‘Log In To Start Button at I’m an Undergraduate Student'

How Much Can I Borrow?

Direct Parent Loans for Undergraduate Students (PLUS)


A Parent PLUS Loan is an education loan specifically for parents (biological or adoptive) of dependent undergraduate students. Parents can borrow up to the cost of attendance minus any other financial aid the student is receiving. For example, if the cost of attendance is $50,000 for the year and the student has a scholarship and other aid of $15,000 toward the school cost, the parent can borrow up to $35,000.

Applying for a Parent PLUS Loan

Parents must complete this application; it cannot be completed by a student. Be sure that all information is entered correctly, as incorrect information could delay the processing of the application.  Application for each academic year is made available in April.

Repayment of principal and interest begins 60 days after the loan is fully disbursed or parents now have the option to defer payments while their student is in school. Parents can also opt to let the interest accrue until the student leaves school; However, any interest that accrues from the date of disbursement is added to the outstanding loan balance through a process called capitalization.

Apply for a Parent PLUS Loan

PARENTS: Please use your FSA ID username and password to complete the plus loan application (not the student's)

  • Log on to the Direct PLUS Loan Application with your parent FSA username and
    password (NOT the student's)
  • Choose ‘Loans and Grants’
  • Click on PLUS Loan (Grad PLUS and Parent PLUS)
  • Click button at I am a Parent of a Student and complete the application
  • If loan is approved, complete the PLUS Master Promissory Note (MPN) on the same website
  • If the parent loan is Denied, the student is eligible for an additional Unsubsidized Loan (yearly amount is $4,000 for first-year/sophomore or $5,000 for junior/senior).
  • Please note: If the PLUS loan is Denied and later appealed or approved, the additional Unsubsidized Loan must be returned to the lender

If you use an endorser/co-signer or an appeal process, you must complete PLUS Counseling on the same website and complete the Master Promissory Note (MPN).

Private Loans

If you would like to apply for an outside private loan, you may do so by going to Private Lending for Higher Education.  Before applying for a private loan, we encourage you to pursue the availability of Federal Direct Loans. Loans borrowed from the Federal government through the Direct Loan Program offer students a low-interest option compared to alternative loans through banks and other lending institutions.

As a student, to apply for a private loan, you will need a credit-worthy co-signer.  Carefully review the terms of the loan, considering the interest rates, fees, and repayment terms.  A completed ‘Self Certification’ form is required in order for the loan to be disbursed from the lender.

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350 Spelman Lane, SW
Box 771
Atlanta, GA 30314
1-800-982-2411 (toll-free)