Loans

Federal Perkins Loans
Depending upon financial need and the availability of funds, loans of up to $4,000 annually, with a maximum of $20,000 for an entire undergraduate college career are available. These loans bear interest at the rate of 5 percent per annum beginning nine months after the student ceases to carry at least one-half the normal academic course load. The first payment on principal and interest is due one month later at the minimum rate of $40 per month.
Federal Stafford Loans
The maximum loan under this program is $2,625 for the first year of study, $3,500 for the second year of study and $5,500 per year for subsequent undergraduate study. The interest rate is subject to change each year but may never exceed 8.25 percent. Repayment begins 6 months after graduation or after a student ceases to be enrolled. Interest is paid for borrowers who demonstrate a financial need and for whom repayment has not yet begun.
Unsubsidized Federal Stafford Loans
This program is the same as the Federal Stafford Loan program with two exceptions: 1) Financial need is not an eligibility criterion. 2) The student is responsible for interest payments for the life of the loan beginning with the first disbursement.
United Methodist Student Loans
Members of the United Methodist Church are eligible for loans of up to $2,500 per calendar year. The interest rate on these loans is 6 percent, and interest accrues from the inception of the loan. Repayment begins 6 months after graduation or withdrawal from school. Final payment is due no later than 10 years from the date of the first payment.
PLUS Loans
The PLUS Program makes loans available to parents of dependent undergraduate students. PLUS borrowers are not required to demonstrate financial need and may borrow up to the cost of education minus other aid. The interest rate is variable but cannot exceed 9 percent.

Student Fees and Security Deposit: Financial Information |Refund of Student Fees | Security Deposit