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Student and Parent Loan Information

Students and parents of dependent undergraduate students seeking to help finance the students educational costs may seek out student and parent loans.  Loans borrowed must be repaid.  The student must complete a Free Application for Federal Student Aid (FAFSA) as the FAFSA is required for federal student and parent loans.  Click on the loan type below to review additional information about the loan and the steps required to receive the loan.  Scroll down to view the tables below, which lists information about each of the following student and parent loan programs.

Student Loans:

Parent Loan:


Please note:  For students and their families looking for a payment procedure to pay out-of-pocket to Linfield for part or all of their Linfield educational expenses billed to the student from Linfield after their financial aid is applied, Linfield's Student Accounts/Cashier Office coordinates a pay-as-you-go payment plan with Tuition Management System (TMS) for students or families seeking a plan that allows the educational expenses at Linfield to be paid over several monthly payments.  Visit linfield.afford.com to enroll or to seek more information, or call toll free at 1-800-722-4867.  This financing option is not a loan.

Direct Loan Interest Rate Update

On August 9, 2013 President Obama signed a bill into law that changes the interest rates for Federal Direct Loans, Stafford and PLUS.  The interest rates will be based on the 10-year Treasury bill plus the following percentage add-ons:  2.05 percent for undergraduate Stafford (subsidized and unsubsidized); 3.6 percent for graduate Stafford; and 4.6 percent for PLUS (parents and graduate students).  In addition, the deal includes caps: 8.25 percent for undergraduate Stafford; 9.5 percent for graduate Stafford; and 10.5 percent for PLUS.  Loans would be “variable-fixed,” meaning students would receive a new rate with each new loan, but then that rate would be fixed for the life of the loan. Students and parents do not have to re-complete their Master Promissory Notes, as this will be tracked on the back end of the loan process by their federal servicer.

Student and Parent Loan Tables:

Federal Student and Parent Loans

TYPE OF AID

FEES

INTEREST RATE

PAYMENT WHILE IN SCHOOL

REQUIREMENTS

ADDITIONAL INFORMATION

AMOUNTS YEARLY

Federal Direct Subsidized Stafford Loan

1.051% loan fee between 7/1/13-
11/30/13 or 1.072% between 12/1/13-
9/30/14
or
1.073%
between
10/1/14-
9/30/15

“Variable-Fixed”

3.86% between
7/1/13- 6/30/14

4.66%
between
7/1/14- 6/30/15

No payment required while enrolled at least half-time.

MUST file a FAFSA.

Must complete Entrance Counseling.

Must complete 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 under most plans.

Freshman: $3,500
Sophomore: $4,500
Junior: $5,500
Senior: $5,500

Federal Direct Unsubsidized Stafford Loan

1.051% loan fee between 7/1/13-
11/30/13 or 1.072% between 12/1/13-
6/30/14
or 1.073% Between 10/1/14-
9/30/15

 

“Variable-Fixed”

3.86% between 7/1/13- 6/30/14

4.66%
between
7/1/14- 6/30/15

Interest accrues while student is in school, student may pay or capitalize interest.

No payment required while enrolled at least half-time.

Optional quarterly interest payments can be made, or student may capitalize interest.

MUST file a FAFSA.

Must complete Entrance Counseling.

Must complete 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 under most plans.

Freshman: $3,500
Sophomore: $4,500
Junior: $5,500
Senior: $5,500

Federal Direct Additional Unsubsidized Stafford Loan

1.051% loan fee between 7/1/13-
11/30/13 or 1.072% between 12/1/13-
6/30/14
or 1.073% between 10/1/14-
9/30/15

“Variable-Fixed”

3.86% between 7/1/13- 6/30/14

4.66%
between
7/1/14- 6/30/15

Interest accrues while student is in school, student may pay or capitalize interest.

No payment required while enrolled at least half-time.

Optional quarterly interest payments can be made, or student may capitalize interest.

MUST file a FAFSA.

Must complete Entrance Counseling.

Must complete 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 under most plans.

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 Direct Supplemental Unsubsidized Stafford Loan

1.051% loan fee between 7/1/13-
11/30/13 or 1.072% between 12/1/13-
6/30/14
or 1.073% between 10/1/14-
9/30/15

“Variable-Fixed”

3.86% between 7/1/13- 6/30/14

4.66%
between
7/1/14- 6/30/15

Interest accrues while student is in school, student may pay or capitalize interest.

No payment required while enrolled at least half-time.

Optional quarterly interest payments can be made, or student may capitalize interest.

MUST file a FAFSA.

Must complete Entrance Counseling.

Must complete 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 under most plans.

Freshman: $2,000
Sophomore: $2,000
Junior: $2,000
Senior: $2,000

Federal Perkins Loan

No fees

5% - Fixed

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 Perkins Entrance Counseling.

Must complete a Perkins 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 at Linfield College.

Federal Direct PLUS Loan (for parents)

4.204% loan fee between 7/1/13-
11/30/13 or 4.288% between 12/1/13-
6/30/14
or 4.292% between 10/1/14-
9/30/15

“Variable-Fixed”

6.41% between 7/1/13- 6/30/14

7.21%
between
7/1/14- 6/30/015

Payment begins 45-60 days after the final disbursement for the academic year.

MUST file a FAFSA.

Must submit Parent PLUS Loan Request Form to Linfield Office of Financial Aid.

Credit check required.

Must complete a Master Promissory Note.

Deferment available while student is enrolled at least half-time. Interest accrues during authorized deferment periods.

Cost minus aid.

Private Education Loans

TYPE OF AID

FEE

INTEREST RATE

PAYMENT
WHILE IN
SCHOOL

REQUIREMENTS

ADDITIONAL
INFORMATION

AMOUNTS YEARLY

School certified private (or alternative)
education
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

 

Questions? E-mail Financial Aid at: finaid@linfield.edu