Federal Perkins Loans
This loan program is administered by the College and provides awards to students who enroll at least half-time. The selection of recipients and the amount of the loans are determined by a need analysis made by the College each academic year. There is no interest charged or payment due while the student maintains half-time enrollment. Repayment and interest commence nine months after dropping below half-time enrollment. The minimum monthly payment is forty dollars. Students receiving this loan get detailed explanatory materials concerning the program. Entrance and exit interviews are required for the Federal Perkins Loans.
Federal Stafford Loan Program (formerly GSL)
This program is jointly sponsored by lending institutions and federal and state governments. At present, loans are available to students who attend the College at least half-time. The selection of recipients and the amount of the loans are determined by a need analysis made by the College each academic year. The loan amounts vary with program, year in program, and enrollment status. A dependent may borrow an aggregate amount of $31,000. An independent may borrow a maximum of $57,500. Applications are obtained from the College. It is required by federal law that all participants in the Federal Stafford Program have an entrance interview prior to the release of the first disbursement, and an exit interview before commencement or withdrawal from the College for any reason. The purpose of the exit interview is to reaffirm to the student the commitment and obligations to the loan program. It is required for graduation. All students leaving the College for other reasons must schedule an exit interview with the Financial Aid Department.
Federal PLUS Loans
Federal PLUS loans are for parental borrowers. Parents may borrow the student’s estimated cost of attendance, minus any estimated financial assistance per year, for each child who is enrolled at least half-time and who is a dependent undergraduate student. Applications may be obtained from the College. PLUS borrowers do not have to show need but may have to undergo a credit analysis. A borrower must begin repaying a Federal PLUS loan within 45 days after the second disbursement.