What loans are available for students (name of program, interest rates, and repayment terms)?
The Federal Perkins Loan is awarded to those students who file the FAFSA form and demonstrate financial need. It is awarded to freshmen and sophomores for up to $1,500. The interest rate is a fixed 5% rate, there are no guarantee fees or origination fees, and repayment of principal and interest begins 9 months after the student graduates or drops below half-time status. The standard repayment period is 10 years but most students pay this loan off sooner than that since there is a minimum monthly payment of $40. The Federal Stafford Loan is awarded to those students who file the FAFSA form. The subsidized loan is available to students with financial need and the unsubsidized loan is available to those who don’t demonstrate financial need. Some students with low financial need will receive a loan amount split between the two programs. Freshmen can receive up to $3,500, sophomores can receive up to $4,500, and juniors and seniors can receive up to $5,500. The interest rate is a fixed 6.8%
