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Federal Stafford Loan
Variable interest rate loans, with a cap at 8.25%. Loans are funded
by private lenders but regulated by the federal government. Repayment
begins 6 months after the student borrower ceases to be enrolled at
least half time. Borrowers have up to 10 years to repay, depending on
the amount borrowed. The subsidized portion is based on financial
need, while the unsubsidized portion is available without regard to
need. The loan amount may not exceed the cost of attendance. First
time borrowers are required to complete an entrance
interview online before receiving Federal Stafford loan funds.
The amount of loan funds a student may borrow depends upon his/her
academic grade level, remaining financial need, and dependency status. For more information
about this loan program, click
here.
Federal Parent Loan for Undergraduate Students
(PLUS)
Low-interest (variable for new borrowers) loans,
funded by private lenders but regulated by the Federal Government.
This loan program is available to parents of undergraduate
students. Parents may borrow up to the cost of attendance minus
financial aid. Repayment
usually begins 60 days after funds are disbursed.
For more information about this loan program, click
here.
Federal Perkins Loan
Low interest (5%) loan, funded by the federal government and
previous borrower’s repayments. Loan eligibility is based on
financial need. Repayment begins 6 to 9 months after the student
borrower ceases to be enrolled at least half time. First time
Perkins Loan borrowers receive information about debt management
before receiving loan funds. Minimum payments are $40 per month.
Borrowers have up to 10 years to repay the loan, depending on amount
borrowed. Annual limits are $4000 for undergraduate students. Students
who receive a Perkins Loan on their award letter must report to the
business office in Gaither Hall to sign your promissory note.
Eligibility is determined by completion of the FAFSA.
Private Loans
Private loans (or
Alternative Loans) are offered by private lenders and do not involve any federal forms. There loans are frequently utilized when federal loans do not provide the necessary level of funding.
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