Loans

There are a variety of loan programs available to students and families to help fund education costs at Union College.

Federal Direct Subsidized and Unsubsidized Student Loan
The Federal Direct Loan Program allows eligible students to borrow up to $27,000 during their undergraduate education.

Federal Direct Parent PLUS Loan
Federal Direct Parent PLUS Loans are offered by the federal government to help parents of dependent undergraduate students pay for their education. Loan eligibility requires no adverse credit history. Only one parent may borrow per application, and a FAFSA is required for the student. View the PLUS Loan page for borrowing limits which have changed based on the One Big Beautiful Bill Act signed into law July 2025.

Private Loans
Private education loans are funded by banks, credit unions, and national lenders. They require a separate application, a credit check, and typically a credit-worthy cosigner. We strongly recommend exhausting all federal aid options before applying for a private loan. View Union's private loan lender lists for students and parents.

Union College loans
Union College funds two institutional loan programs to assist with educational expenses.

Federal Perkins Loan
Effective September 30, 2017, we are no longer authorized to issue Perkins Loans. For students who borrowed a Perkins Loan prior to the program ending, the interest rate is fixed at 5%. Repayment of the loan begins nine months after the borrower leaves Union or drops below half-time status.

As a responsible partner in processing and certifying private loans for Union students and parents, the Financial Aid Office staff abides by the following code of conduct.

• Union does not enter into any revenue-sharing arrangements with any lender.
• Union does not allow any officer or person involved with student loans to either solicit or accept gifts from a lender, guarantor, or servicer of student loans where the gift has more than a nominal value.
• Union does not allow its financial aid staff or anyone in a position of having influence over student loan decisions to consult with lenders for financial benefit.
• Union will not assign a borrower's loan to a particular lender or refuse to certify any loan based on the borrower's selection of a lender.
• Union will not request or accept any offer for student loan funds in exchange for either a specified number of loans made or a specific loan volume.
• Union will not accept any offer from any lender to provide call center staffing or financial aid office assistance.
• Members of Union's Financial Aid Office staff will not accept anything of value for serving on an advisory board, commission, or group established by a lender, guarantor, or group of lenders.