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Student Loans
FEDERAL STUDENT LOAN PROGRAMS
The amount you may borrow through the Perkins and Stafford Loan programs is indicated on your award letter.
Federal Perkins Loan
- Based on financial need and awarded to students demonstrating greatest need
- 5% fixed interest rate
- Interest-free while enrolled at least half-time
- Repayment begins nine months after student is no longer enrolled at least half-time
Subsidized Stafford Loan
- Based on financial need
- 5.6% fixed interest rate on loans disbursed on or after July 1, 2009
- Interest-free while enrolled at least half-time
- Repayment begins six months after student is no longer enrolled at least half-time
- 1.5% origination fee; however, a 1% interest rate rebate reduces this fee to 0.5%. Once you begin repayment you must make 12 on-time monthly payments to retain this benefit.
Unsubsidized Stafford Loan
- 6.8% fixed interest rate
- Interest accrues while student is enrolled. (Student is encouraged but not required to pay interest while in school.)
- Repayment begins six months after student is no longer enrolled at least half-time
- 1.5% origination fee; however, a 1% interest rate rebate reduces this fee to 0.5%. Once you begin repayment you must make 12 on-time monthly payments to retain this benefit.
ADDITIONAL LOAN OPTIONS
The total amount you may borrow through one or more of these loan options is indicated on your Loan Response Form.
Federal PLUS Loan (Parent Loan for Undergraduate Students)
- Parent is borrower
- Loan approval based on credit review
- 7.9% fixed interest rate
- 4% fee; however, a 1.5% interest rate rebate reduces this fee to 2.5%. Once you begin repayment you must make 12 on-time monthly payments to retain this benefit.
- Parent may borrow up to the cost of attendance less all other aid
- Repayment begins 60 days after loan is fully disbursed. Borrower may request deferment of repayment while student is enrolled at least half-time
SELF Loan (Student Educational Loan Fund)
- Variable interest rate adjusted quarterly; current rate through December 31, 2009: 3.9%
- Credit-worthy cosigner required
- $7,500 annual maximum
- Quarterly interest payments required while enrolled
- Principal repayment begins 12 months after student is no longer enrolled at least half-time
DEAL Loan (Dakota Education Alternative Loan)
- Borrower chooses between a fixed or variable interest rate
- Fixed rate through December 31, 2009: 7.6%
- Variable rate through December 31, 2009: 2.79%
- Fees of 2% are deducted from the amount borrowed
- Credit-worthy cosigner required
- Interest accrues while student is enrolled. (Student is encouraged but not required to pay interest while in school.)
- Student may borrow up to the cost of attendance less all other aid
- Repayment begins six months after student is no longer enrolled at least half-time
Private Loan Options (Wells Fargo, U.S. Bank, Total Higher Education, Sallie Mae)
- Credit-worthy cosigner required
- Variable interest rate determined by cosigner's credit rating
- Depending on lender, and the cosigner's credit fees may be deducted.
- College of Saint Benedict Students: Apply Now or More Information
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