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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, please see our Other Helpful Links on the side menu. | 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, please see our Other Helpful Links on the side menu. | 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. |
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