For Information Purposes ONLY
Please see your school’s financial aid office for the most accurate and up-to-date information.
May 1, 2007
EDUCATIONAL LOANS
Federal Perkins Loans
Federal Perkins Loans are long-term federal loans based on each student’s need eligibility. A
Free Application for Federal Student Aid (FAFSA) is required. Amounts of Federal Perkins
Loan awards can range from $500 to $4,000 depending on the college’s funding. You may
qualify for a Federal Perkins Loan based on your FAFSA information (EFC).
Credit Check Required: No
Interest Rate: Fixed 5% (While in repayment – no interest while in school or in 9 month grace
period)
Repayment: begins 9 months of ceasing to be enrolled in a minimum of 6 hours/graduation.
Federal Stafford Loans:
Federal Stafford Loans are for undergraduate students made through the Federal Family
Education Loan Program (FFELP). These loans are borrowed and will be repaid by the student.
Students must be enrolled in a degree seeking program, have completed the Free Application for
Federal Student Aid (FAFSA) for the appropriate aid year, be making Satisfactory Academic
Progress, and be enrolled in at least six credit hours to be eligible for a Federal Stafford Loan
(further eligibility requirements will be determined by the Office of Financial Aid upon receipt
of a student's FAFSA). Subsidized amount is determined by the FAFSA; EFC, Annual Limit and
COA. Unsubsidized amount can be determined by the COA and Annual Limit.
Credit Check Required: No
Interest Rate: Fixed 6.8% (While in school for Unsubsidized and in repayment for both
Subsidized and Unsubsidized – no interest on Subsidized while in grace period)
Repayment: begins 6 months of ceasing to be enrolled in a minimum of 6 hours/graduation.
Federal PLUS Loans:
The Federal PLUS Loan is available to credit-worthy parents (birth parent, stepparent or an
adoptive parent) of dependent undergraduate students. Parents may borrow up to the Cost of
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