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Information for Current Students

Current Students and Parents:
Loan and Repayment Information

Sign your Perkins Promissory Note Online

Simple Tuition Loan Comparison Tool - Please be sure to indicate whether you are searching for a Subsidized or Unsubsidized Stafford Loan (or a combination of both) under the Loan Amount Distribution heading when using this loan comparison tool.

Student Loans

Student loans can assist students in paying for their education. Borrowing funds at a low interest rate is one way students take responsibility for their education. The federal government sponsors several different student loans, and others are bank-sponsored private loans. Regardless of the type of loan, Linfield determines loan eligibility and handles the processing of all applications.

Subsidized Federal Stafford Loan

Federal Stafford Loans are a major type of loan offered by the federal government. These loan funds come from a bank, credit union, or other lender that participates in the Federal Family Education Loan (FFEL) Program. These loans are awarded on the basis of demonstrated financial need. The government will pay the interest on your federal loan while you are in school, for the first six months after you leave school, and when you qualify to have your payments deferred. The interest rate for the 2008-2009 academic year is fixed at 6%. You will have up to ten (10) years to repay the loan, depending on how much you borrow.

Unsubsidized Stafford Loan

These loans are similar to the Subsidized Federal Stafford Loan, but are not based on financial need. The Federal government does NOT pay the interest, and the student is responsible for all interest associated with the loan. The interest rate is fixed and capped at 6.8%. You will have up to ten (10) years to repay the loan, depending on how much you borrow.

The following maximum limits apply to any combination of the Subsidized and Unsubsidized Stafford Loans:

Independent students can qualify for additional Stafford Loans, called the Additional Unsubsidized Stafford Loans. Loan amounts are available based on the following criteria:

Linfield’s Lenders

Linfield College provides the following list of lenders for your consideration. These lenders have been carefully evaluated based on the services they offer to our students, their smooth and efficient processing and their pricing. However, you have the freedom to partner with other lenders if you choose.

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Federal Perkins Loan

The Federal Perkins Loan is awarded to students from funds provided by the federal government. These loans are used for students with limited resources. Linfield awards this loan as an additional loan to students with exceptional need who have been awarded the maximum Federal Stafford Loan and still are eligible for additional aid.

Repayment begins nine months after the student graduates or leaves school for other reasons. Up to ten years are allowed to repay the loan. During the repayment period students are charged five percent interest on the unpaid balance of the loan principal. No payments are required for up to three years while a student serves in the Armed Forces, in the Peace Corps, VISTA, or any similar non-profit organization, as a Public Health Service Officer, or while the borrower is totally, temporarily disabled. Repayment may be deferred up to two years if the student is engaged in an internship required before entering a profession. There are loan cancellation provisions for borrowers who go into certain fields of teaching, the Peace Corps, specified military duty or law enforcement.

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Parent Loans

Federal Parent Loans

The Federal PLUS loans for parents allows parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time. To be eligible to receive a PLUS Loan, parents are required to pass a credit check. If they don't pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan, promising to repay it if your parents should fail to do so.

The yearly limit on a PLUS Loan is equal to cost of attendance minus any other financial aid. For example, if cost of attendance is $22,000 and the student receives $14,000 in other financial aid, parents could borrow up to--but no more than--$8,000.

The interest rate is fixed and capped at 8.5%. Interest is charged on the loan from the date that the first disbursement is made until the loan is paid in full.

Parents will pay an origination fee of 3 percent of the loan and a 1% required Federal Default Fee. These fees are subtracted from the amount you request to borrow. Repayment will begin within 45-60 days after the final loan disbursement for the academic year. There is no grace period for these loans. This means that interest begins to accumulate at the time the first disbursement is made. Parents have three repayment options while you are enrolled in your four year undergraduate program:

• Full principle and interest payments for 10 years
• Interest only payments during your four year undergraduate program
• Deferred payment during your four year undergraduate program. Interest will accrue during this period.

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Payment Options

In order to better serve our students and their families Linfield has changed our tuition payment plan to Tuition Management Systems (TMS) at www.afford.com. This is a full service website were the student or family members can set up payment plans or make one time payments on-line using their credit cards or checking account.  

Linfield partners with Academic Management Services (TMS) to offer the TMS Interest-Free Monthly Payment Plan.

With the convenient payment plan, families can design an education payment strategy that will meet their needs. The key is to budget as much as possible from current income and savings, using the TMS Interest-Free Monthly Payment Plan.

With the TMS Interest-Free Monthly Payment Plan, tuition can be paid on a monthly basis throughout the year. Enroll in the TMS Plan and pay tuition month-to-month, out of current income or savings. That means no hefty lump sum payments. No interest charges. And best of all, no expensive debt.

The TMS Plan enrollment fee is typically $50 for annual plans and $40 for a single semester plan. This fee includes Tuition Protection Coverage to protect payments from loss of life. All or part of educational expenses can be covered using the TMS Plan. Families decide. Whether qualifying for financial aid or not the TMS Plan can make paying for Linfield more manageable.

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