Need Based Federal Loan Information

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 DIRECT STAFFORD SUBSIDIZED LOAN

The Federal Direct Stafford Subsidized Loan Program enables students with demonstrated need to borrow directly from the Department of Education as a means to finance their educational expenses.  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. Interest is paid by the federal government while the student is enrolled in college but begins to accrue interest once enrollment ceases. Repayment begins six months after the student ends his or her studies. The 2013-14 interest rate is fixed at 3.86% with repayment extending up to ten years. More detailed information about the Federal Direct Stafford Subsidized Loan can be found here. You can begin the application process here.