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STUDENT LOANS FEDERAL PERKINS LOAN - federal campus-based loan program awarded to students who demonstrate financial need. Repayment of principal an interest begins nine months after graduation. The interest rate is at 5%. Awards range from $500 to $2,000. FEDERAL STAFFORD LOAN PROGRAM - all first-time Stafford Loan borrowers must complete entrance loan counseling requirements before loan funds can be credited to their account. Go to www.pheaa.org, and under Other Helpful Topics, click on Entrance and Exit counseling. SUBSIDIZED STAFFORD LOAN - eligibility is determined by FAFSA. Interest is subsidized by federal government and principal is deferred while borrower is in school. Repayment begins six months after graduation. Interest rate is fixed and capped at 8.25%. UNSUBSIDIZED STAFFORD LOAN - available to those who don't qualify for all or part of the Subsidized Stafford. Interest is not subsidized and is either paid quarterly during enrollment or capitalized by the lender. Principal repayment is deferred until six months after graduation. LOAN LIMITS FOR (Effective for 2007-2008)
ADDITIONAL UNSUBSIDIZED STAFFORD - dependent students whose parents are unable to borrow the PLUS Loan due to credit problems may borrow an additional amount through the Unsubsidized Stafford Loan. Parents must first apply and be denied the PLUS before the additional Unsubsidized Stafford can be processed for a dependent undergraduate. Independent students and graduate students may also borrow the Unsubsidized Stafford Loan. LOAN LIMITS FOR ADDITIONAL UNSUBSIDIZED STAFFORD (Effective for 2007-2008)
GRADUATE PLUS LOAN The Graduate PLUS may be used by graduate students who are enrolled at least half-time to cover up to 100 percent of the total cost of education, minus other financial aid awarded. Graduate students must file the FAFSA and pass a credit evaluation. Many students with limited or no credit history can still qualify for this loan. Principal and interest payments may be deferred during enrollment. The Graduate PLUS Loan offers a fixed interest rate. Lenders may charge up to 4 percent in fees. A Federal PLUS Loan Application and Master Promissory Note (MPN) must also be completed before the loan can be approved. To apply for a Graduate PLUS Loan, go to www.aessuccess.org and click on Apply for a Graduate PLUS Loan.
PARENT FEDERAL PARENT PLUS LOAN - credit-worthy parents of undergraduate dependent students may borrow the difference between the student's total costs and all other aid he/she is receiving. Fixed rate capped at 9%. Repayment begins 60 days after second disbursement. Some lenders will allow deferment of principal during student's enrollment. Repayment term is 10 years. To apply for a PLUS Loan, go to www.aessuccess.org. Select Apply for a loan and then select Apply for a PLUS Loan. ALTERNATIVE LOANS Click here for information on Private Loan programs. FIRST TIME BORROWERS All first time borrowers must go through the Entrance/Exit Loan Counseling in order to process your loan application. To do so, click here. |
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