PERKINS LOAN

Each year the College receives Perkins Loan funds from the federal government to be loaned to students with exceptional financial need. Since Federal Perkins Loan funds are insufficient to meet the loan requirements of all financial aid recipients, they are made available to students on the basis of financial need, with students having the greatest need receiving priority. Repayment begins nine months after the student ends his or her studies. The interest rate is five percent per year, and repayment may extend over a ten-year period. More detailed information about the Perkins Loan can be found here. You can begin the application process here.

FEDERAL SUBSIDIZED STAFFORD LOAN

The Federal Stafford Loan Program enables students with demonstrated need to borrow directly from lenders as a means to finance their educational expenses. Federal Subsidized Stafford loans are insured by a guarantee agency and re-insured by the federal government. Students who do not receive Federal Perkins Loans from the College are referred to this program for the loan component of their financial aid package. Repayment begins six months after the student ends his or her studies. The interest rate is fixed at 6% with repayment extending up to ten years. More detailed information about the Subsidized Stafford Loan can be found here. You can begin the application process here.