Federal Perkins Loan
The Federal Perkins Loan is a campus-based federal program which is awarded to students on the basis of financial need. It is interest free and non-repayable until nine months after termination of education, at which time it becomes repayable at five percent interest.
Federal Stafford Loans
The Federal Government offers both Subsidized and Unsubsidized Federal Stafford Loans. These are low interest loans created to help you pay for your education. The Center for Enrollment Services will determine your eligibility for loans, based on your financial need as determined from the Free Application for Federal Student Aid
Parent Plus Loans
To be eligible for a PLUS Loan, your parent must:
- Be your natural parent, adoptive parent, legal guardian, or in some cases, stepparents.
- Be a U.S. citizen or eligible non-citizen.
- Not be in default on an educational loan or owe any educational grant refunds.
- Be credit worthy.
To be eligible for a PLUS Loan, the dependent undergraduate student must:
- Be a U.S. citizen or eligible non-citizen.
- Be accepted for enrollment in a participating school, or if enrolled, be making satisfactory progress.
- Be classified as at least a half-time student and working toward a degree or certificate.
- Not be in default on an educational loan or owe any educational grant refunds.
- Be registered with the Selective Service if required.
Graduate Plus Loans
A PLUS loan for graduate students is available for students who want to borrow funds to help pay for educational costs. Graduate students interested in this loan must have the FAFSA completed and note that with completion of the FAFSA, the first option to be considered should be the Federal Stafford Loan which is a lower interest loan than the Graduate PLUS loan.
Alternative Loans
Many private loan programs are available to families ineligible for federal financial aid or those in need of additional funds for education. Interest rates, repayment terms, and maximum amounts available vary by program. Loan approval is generally based on creditworthiness and ability to repay. As with any loan, careful consideration should be made in determining the amounts to be borrowed, as the loan must be repaid. The interest on most alternative loans accrues while the student is in school. However, in some cases it can be deferred until after graduation or when the student ceases to be enrolled at least half-time.
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