All students are eligible to receive a Federal Stafford Loan as long as they have not previously defaulted on a federal loan. A subsidized loan is based upon demonstrated financial need. The federal government pays the interest while a student remains enrolled at least half-time and during the grace period. The interest rate for loans disbursed during the 09-10 academic year is 5.6.%. An unsubsidized loan is awarded to students who do not qualify for the need-based subsidy and to independent students. The federal government does not pay the interest on the unsubsidized loan as the student may choose to pay the interest as it accrues or have it added to the principal balance on a quarterly basis. The interest rate is fixed for the life of the loan at 6.8%.
Loan Limits for 2009-10:
- $5,500--($3,500 can be Subsidized) Freshmen
- $6,500--($4,500 can be Subsidized) Sophomores
- $7,500--($5,500 can be Subsidized) Juniors, Seniors, 5th Year
Independent Students may receive additional unsubsidized Stafford Loan funds. (These additional funds are also available to students who do not have access to the parent PLUS Loan. This typically occurs when a parent is denied for the PLUS Loan. See Other loans.)
- $4,000--Freshmen & Sophomores
- $5,000--Juniors, Seniors, 5th Year
Perkins Loan
The Perkins Loan program is a college-administered program which uses combined funds from the federal government and the College. Perkins loans are intended to complement the federal Stafford Loan and not serve as a replacement. The Perkins Loan program is designed for students who demonstrate a high level of financial need. The interest rate is fixed at 5% and the student is not responsible for interest that accrues while enrolled at least half-time (6 credit hours or more) or during the nine month grace period. The grace period begins upon graduation or when a student drops below half-time enrollment.
Apply for a Perkins Loan
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