PERKINS LOAN A loan awarded based on financial need. Repayment of the loan must begin nine months after the student graduates or ceases to be enrolled. The interest rate is 5% and is not applied until after the nine-month grace period. The current loan amount ranges from $100 to $5500. An entrance interview and exit interview are required for any student awarded this loan. The Business Office conducts both the entrance and exit Interviews for the Perkins Loan.
DIRECT STAFFORD LOAN PROGRAM A federal subsidized and unsubsidized loan program available to all students. Maximum loan amounts are $5500 for freshmen, $6500 for sophomores, and $7500 for juniors and seniors. The interest rate is currently 6.8% fixed on unsubsidized loans and 3.4% fixed on subsidized loans (for loans disbursed after July 1, 2010). Repayment of the interest and principal begins six months after graduation or enrollment ceases. The U.S. Department of Education provides a loan repayment calculator (estimate of repayment only). Current or former students may view their financial aid history by accessing NSLDS.
An entrance interview and exit interview are also required for any student receiving a Direct Stafford Loan. The Financial Aid Office conducts the entrance and Exit interviews for Direct Stafford Loans or can be completed online at http://www.studentloans.gov/.
PLUS LOAN UNDERGRADUATE STUDENTS A federal loan program available to parents. A PLUS Loan Data Request Form must also be completed in the Financial Aid office. The loan amount is determined either by the parent’s request or by the eligibility remaining towards the student’s cost of attendance. A credit check is required and will be processed by the Direct Loan Service. The current interest rate is 7.9% fixed. Repayment is made through the Direct Loan Program and begins 60 days after the last disbursement of the loan is received. Usually the last disbursement is received in January. PLUS Loans are also available to graduate students, if you would like more information please contact the Financial Aid Office.
ALTERNATIVE LOAN PROGRAM There are several alternative loan programs available to students who need additional funding for school expenses. Alternative loans are not federal student loans, but are credit based student loans that often require a cosigner. Repayment of alternative loans is usually deferred until the student graduates or ceases to be enrolled at least half-time. Below is a link that will help you through the process of deciding which Private Loan is best for you. FASTChoice makes it easy by providing you with simple but critical information about types of funding and money management. It also clearly presents your new responsibilities if you go on to borrow money. And finally, FASTChoice presents you with a collection of loan products in a way that makes it easy to understand and compare them.