Loan Information
Financial Aid information for Linfield College is now available in the College Catalog. Please see the link to your left. This link will give you all the necessary information regarding loans, scholarships, need based grants, and requirements to maintain financial aid.
Stafford/PLUS Loan Master Promissory Note
Sign your Perkins Promissory Note Online
National Student Loan Data System Retrieve your Loan Information. This webite will allow you to see ALL your federal aid that you have recieved from all schools you have attended.
Federal Loans
The tables below list federal and privat loan options, fees and interest rates.
| TYPE OF AID | FEES | INTEREST RATE | PAYMENT WHILE IN SCHOOL | REQUIREMENTS | ADDITIONAL INFORMATION | AMOUNTS YEARLY |
| Federal Subsidized Stafford Loan | .5% origination fee 1% federal default fee | 5.6% - Interest is paid by the Federal Government as long as student is enrolled at least half-time | No payment required while enrolled at least half-time. | MUST file a FAFSA. MUST complete entrance Counseling and a Master Promissory Note. Requires at least half-time enrollment; Loan is in Student's name. | 6 month grace period after student graduates or ceases to be enrolled at least half-time. 10 year repayment | Freshman: $3,500 Sophomore: $4,500 Junior: $5,500 Senior: $5,500 |
| Federal Unsubsidized Stafford Loan | .5% origination fee 1% federal default fee | Fixed and Capped at 6.8%. Interest accrues while student is in school | No payment required while enrolled at least half-time. Optional quarterly interest payments can be made | MUST file a FAFSA. MUST complete entrance Counseling and a Master Promissory Note. Requires at least half-time enrollment; Loan is in Student's name. | 6 month grace period after student graduates or ceases to be enrolled at least half-time. 10 year repayment | Freshman: $3,500 Sophomore: $4,500 Junior: $5,500 Senior: $5,500 |
| Federal Additional Unsubsidized Stafford Loan | .5% origination fee 1% federal default fee | Fixed and Capped at 6.8%. Interest accrues while student is in school | No payment required while enrolled at least half-time. Optional quarterly interest payments can be made | MUST file a FAFSA. MUST complete Entrance Counseling and a Master Promissory Note. Requires at least half-time enrollment; Loan is in Student's name. | 6 month grace period after student graduates or ceases to be enrolled at least half-time. 10 year repayment. Loan available only to students whose parents are denied the PLUS loan and independent students as determined by the FAFSA. | Freshman: $4,000 Sophomore: $4,000 Junior: $5,000 Senior: $5,000 |
| Federal Supplemental Unsubsidized Stafford Loan | .5% origination fee 1% federal default fee | Fixed and Capped at 6.8% - Interest does accrue while student is in school | No payment required while enrolled at least half-time. Optional quarterly interest payments can be made | MUST file a FAFSA. MUST complete entrance Counseling. MUST sign Master Promissory Note. Students enrolled at least half-time; restrictions apply - Need based. Loan is in Student's name. | 6 month grace period after student graduates or ceases to be enrolled at least half-time. 10 year repayment | Freshman: $2,000 Sophomore: $2,000 Junior: $2,000 Senior: $2,000 |
| Federal Perkins Loan | No fees | 5% - Interest is paid by the Federal Government as long as student is enrolled at least half-time | No payment is required if student is enrolled at least half-time | MUST file a FAFSA. MUST complete entrance Counseling and a Master Promissory Note. Requires at least half-time enrollment; Loan is in Student's name. | 9 month grace period after student graduates or ceases to be enrolled at least half-time. 10 year repayment | Based on available funding |
| Federal PLUS Loan | 2.5% origination fee 1% federal default fee | 7.9% - fixed and capped | Payment begins 45-60 days after the final disbursement for the academic year | No FAFSA required | Deferment available while student is enrolled at least half-time, interest accrues during authorized deferment periods | Cost minus aid |
Private Loans
| TYPE OF AID | FEE | INTEREST RATE | PAYMENT WHILE IN SCHOOL |
REQUIREMENTS | ADDITIONAL INFORMATION |
AMOUNTS YEARLY |
| School certified private student loans | zero to 9%, based on credit worthiness of cosigner (most borrowers do not fall into the top credit tier) | Prime plus 1% (prime is currently 4%) to prime plus 7.5% based on credit worthiness of cosigner (most borrowers do not fall into the top credit tier) | No payment is required if student is enrolled at least half-time, but interest accrues | No FAFSA required | 6 month grace period after student graduates or ceases to be enrolled at least half-time. 13 to 20 year repayment period depending on loan | Cost minus aid |
Federal Parent Loans
What is a Parent PLUS Loan? The Federal PLUS loans for parents allows parents with good credit 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.
What happens if I do not pass the credit check? If you, the parent, do no pass the credit check, you may pursue the PLUS Loan by contacting the Direct Loan Servicer at 1-800-557-7394 to challenge the credit check, provide additional documentation or have an endorser sign for the loan with you. If you decide not to pursue the PLUS Loan after a notification of denial from the Direct Loan Servicer, the student will be eligible for a Federal Additional Unsubsidized Stafford Loan.
Who is considered a parent? Either parent may apply
for the PLUS loan even if a parent is not the custodial parent. Per federal regulations,
a step-parent may qualify to apply for the PLUS loan if his/her income would be
included on the Free Application for Federal Student Aid (FAFSA). Legal
guardians and grandparents are not eligible to apply for the PLUS loan.
How much can I borrow? 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.
What does the loan cost? The interest rate is fixed and capped at 7.9%.
Interest is charged on the loan from the date the first disbursement is made
until the loan is paid in full. In addition, parents will pay an origination
fee of 2.5%. This fee is subtracted from the requested loan amount. 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 accrue at the time the first disbursement is made. Parents have two
repayment options while the student is enrolled in a four year undergraduate
program:
- Full principle and interest payments for 10 years
- Deferred payment during your four year undergraduate program. Interest will accrue during this period.
How do I apply for the Parent PLUS Loan? Complete and return the PLUS Loan Request Form to the Office of Financial Aid and complete a PLUS Loan Master Promissory Note. Links for each are below:
http://www.linfield.edu/finaid/current_student.php - for the PLUS Loan Request Form
https://dlenote.ed.gov/empn/index.jsp - to complete the Federal Direct PLUS Loan Master Promissory Note
When do I apply for this loan? You may submit the PLUS loan application anytime during the academic year until your student ceases attendance. PLUS loan requests must be processed before the last date of your student’s enrollment for this period.
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 Tuition
Management Systems (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.
Repayment Information Regarding Stafford Loans
Effective July 1, 2009, most Federal Direct Loan Program Borrowers who
are in repayment or who will be entering repayment and have a partial
financial hardship are eligible for income-based repayment (Parent PLUS
loans and consolidation loans used to pay a Parent PLUS loan are not
eligible for IBR).
How can you, the borrower, select IBR?
Borrowers who choose to repay under IBR must apply to their lender(s)
annually by first providing written consent for the lender to obtain
the borrower's adjusted gross information directly from the Internal
Revenue Service, or alternative proof of AGI is so requested by the
lender. Secondly, certifying the borrower's family size.
For more information please take a look at the two links below that
will help you become extremely knowledgeable about IBR and make sure
this is the best decision for YOU.
This link will provide you with all the necessary information to get you started. http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp
This video will provide you with the basic information to visually get you started.
http://www.youtube.com/watch?v=SpJhC-2i6gI
Questions? E-mail Financial Aid at: finaid@linfield.edu