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Home > 03-05 Home > General Information > Financial Aid > Loans |
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LoansFederal Perkins LoanLong-term, low-interest loans are made available through this jointly sponsored program of the federal government and each college. Within the limits of documented financial need, students may borrow up to $4,000 for each year of college study to a total of $16,000. The loan is interest-free as long as the borrower remains a student. Simple interest at the rate of 5 percent begins nine months after a student is no longer in college. Federal Stafford LoansEligibility for the subsidized Federal Stafford Loan is based on documented financial need. The maximum that full-time undergraduates may borrow is $2,625 for the first year, $3,500 for the second year and $5,500 for each of the third and fourth years. The federal government will subsidize the interest for students enrolled full-time. Repayment of the principal begins six months after a student is no longer in college. The interest rate is a variable rate, with a maximum of 8.25 percent. An unsubsidized version not based on financial need is also available through the Federal Stafford Loan program. Loan limits and interest rates are the same as the subsidized Federal Stafford Loan; however, the student must pay interest on the loan while in school. Federal Parent Loan for Undergraduate Students (PLUS)The purpose of this loan is to assist parents by providing a source of loan funds for the college education of their dependent children. Parents may borrow up to the full cost of education less any other financial aid the student receives. Repayment of the loan begins within 60 days of disbursement. Student Educational Loan Fund (SELF)Minnesota has a loan program that permits a student attending a Minnesota college to borrow up to $4,500 each of the first two years and up to $6,000 for each of the last two years. Eligibility for this loan is not based on financial need; however, students must have a credit-worthy cosigner. Money is borrowed directly from the state of Minnesota at a variable interest rate. Interest must be paid on a quarterly basis while a student is in school. Interest payments start within 90 days of the disbursement of the loan. Payment of principal and interest begins the 13th month after graduation.
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CSB|SJU Academic Catalog |
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