Returning Student Loan Information

For a returning Bluffton University student/parent to continue receiving a Stafford and/or PLUS loan for the new academic year, the following must be true:

  1. You have already completed the FAFSA for the new academic year.
  2. The Financial Aid Office has sent an award letter outlining your eligibility for Stafford/PLUS for the upcoming award year.

If both of these are true, the following will occur.

For the Stafford Loan:

Subsidized Stafford loans issued after July 1, 2008 will have a fixed interest rate of 6.0%.  Unsubsidized Stafford loans issued after July 1, 2008 will have a fixed interest rate of 6.8%.  All Stafford loans issued after July 1, 2006 and before July 1, 2008 will have a fixed rate of 6.8%.  The variable interest rate will remain in effect for all Stafford loans prior to July 1, 2006.  The interest rate for variable rate loans is adjusted each year on July 1 and can never exceed 8.5%.

  1. If the amount listed on the award letter is the amount you wish to receive, there is nothing that you need to do.  The Bluffton University Financial Aid Office will automatically certify the amount of eligibility (subsidized and unsubsidized) listed, using your previous lender.
  2. If the amount listed is more than what you want to borrow, you must sign and return the award letter indicating that you either decline the loan or that you request an amount lower than the listed maximum(s).
  3. If you have not previously used the Stafford loan while at Bluffton University, and if you wish to use the Stafford loan this year, please complete the on-line Stafford Application.
  4. Once the Financial Aid Office has certified your loan, you will receive a loan disclosure from Great Lakes indicating the expected disbursement dates and disbursement amounts.
  5. The Business Office will notify you when the disbursements are posted to your account.

For the Parent PLUS Loan:

All PLUS loans disbursed after July 1, 2006 will have a fixed rate of 8.5%.  The variable interest rate will remain in effect for all prior loans.  The interest rate on variable rate loans is adjusted each year on July 1 and can never exceed 9%. 

It may be possible to postpone repayment of the PLUS loan through deferment/forbearance while your student is in school.  For more information about postponement or to see if you qualify, contact Great Lakes Borrower Services Department at 800-236-4300.

For detailed instructions on the PLUS Loan application process please view our PLUS step-by-step Loan Guide.

Complete the on-line PLUS Application

If denied: 

Great Lakes will send a notification of the denial to both Bluffton University and to the parent.  With a denial the student would then be eligible for additional unsubsidized Stafford loan money but with the limit that a first or second year student can borrow up to $4000 and a third or fourth year student can borrow up to $5000. The Financial Aid Office would contact the student on how to borrow this additional loan money.  However, if the parent wishes to clear up the denial because it was based on misinformation in the parent's credit history, or to obtain a credit-worthy endorser for the loan, there would be opportunity to do so.

If you have questions, contact the Financial Aid Office at Bluffton University:

by phone 419-358-3266 or
by email:  loans@bluffton.edu