Loans

Low-interest loans can help you pay your college tuition now and defer repayment until after you graduate or are no longer a college student. Educational loans are available for both you and your parents. Student accounts are credited with loan funds once the required promissory notes and other application steps are completed.

Federal Direct Loan program

  • Eligibility is granted to students who complete the FAFSA
  • Loan amounts range from $5,500 to $7,500 for dependent students and total $12,500 for independent students. Actual amounts will be shown on each student's financial aid notification.
  • Subsidized loans are based on financial need; while you are in college, the government pays the interest on your loan. Unsubsidized loans are available to students who don't show financial need; students with unsubsidized loans are responsible for loan interest payments while in college or may choose to defer payment until after graduation.
  • Subsidized and unsubsidized Direct Loan interest rate: 4.66% for 2014–15; the origination fee is 1.051%
  • Repayment starts 6 mos. after graduation or your student status drops below half-time
  • Repayment timeline: between 10 and 25 years

Federal Perkins Loan program

  • Applicants need to complete the FAFSA
  • Eligibility: This loan is primarily awarded to freshmen and sophomores who are Pell Grant eligible
  • Interest rate: 5% fixed
  • No interest is charged while you're a full-time student
  • Repayment starts 9 mos. after graduation or your student status drops below half-time
  • Repayment timeline: 10 years
  • Loan amounts: Limited funds are available. A maximum award of $4000 may be offered.

McElroy and Rotary loan programs

  • Applicants need to complete the FAFSA
  • Interest rate: 7% fixed
  • No interest is charged while you're a full-time student
  • Cosigners are required
  • Repayment starts 5 mos. after graduation or your student status drops below half-time
  • Repayment timeline: 10 years
  • Eligibility: These loans are awarded based on financial need and are offered in amounts up to $2000 for freshmen and $1000 for sophomores.

Federal Parent Loan for Undergraduate Students program (PLUS)

  • Applicants need to complete the FAFSA
  • Parents or guardians may apply for funds to apply toward their students' educational expenses
  • Origination fee: 4.204%
  • Interest rate: 7.21% fixed for 2014–15 
  • Repayment starts within 60 days of the final disbursement for the current year; payments may be postponed until 6 mos. after the student has graduated or is no longer at least a half-time student
  • Repayment timeline: 10 years

Supplemental private loans

  • Students may apply through a bank or lending agency
  • Interest rates vary based on credit worthiness
  • Cosigners are required
  • Repayment terms vary based on the bank or lending agency



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