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Loan
Information
Loans Must be repaid
Federal Stafford Loan-No interest or payments while in college-3% origination fee. Interest starts 6 months after leaving college. Payments start in the 7th month. Interest is variable-capped at 8.25%. Maximum for freshmen=$2625
Federal Unsubsidized Stafford Loan-same as federal Stafford loan except it is not based on financial need and interest accrues while the student is in college.
Federal Perkins Loan-is a loan ranging up to $4000 per year. Recipients must have exceptional need. Repayment is deferred until 9 months after the borrower ceases to be at least a half-time student. Interest at 5% begins nine months after the borrower ceases to be at least a half-time student.
Federal Parents Loan-parents may borrow the cost of attendance less other financial aid-3% origination fee. Interest rate is variable with a cap of 9%. Interest and payments start upon receipt of the funds. First payment is due in 10th month.
NC Scholarship/Loan for Prospective Students-is available to residents of the State who plan to teach. Each year for five years after graduation, part of the loan is forgiven
if the student teaches in NC. Apply to the Department of Public Instruction, Board of Higher Education-Raleigh NC. The deadline is February 15th.
The Education Resources Institute Supplemental Loan Program-allows parents or students, with their parents' co-signature, to borrow up to $10,300 per year. Variable interest is prime plus. Payments begin 45 days after the funds are received, but may be deferred while the student is enrolled full-time.
The Pickett and Hatcher Educational Fund, Inc.-is a non-profit, non-commercial, educational trust fund created to assist full-time undergraduate students in fields of study other than law, medicine, or ministry. Low interest loans with deferred payments are made to qualified residents of Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee, or Virginia. The deadline for applications is June 15th. Write to the Pickett and Hatcher Educational Fund, INC, PO Box 8169 Columbus, Georgia 31908.
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