Loan Information
The tables below list federal and private loan options, fees and interest rates for the 2011-2012 and 2012-2013 academic years. More information about each of the loan types can be found in the links below.
- Federal Direct Stafford Loan
- Federal Direct Parent PLUS Loan
- Federal Perkins Loan
- Private Education Loan
|
TYPE OF AID |
FEES |
INTEREST RATE |
PAYMENT WHILE IN SCHOOL |
REQUIREMENTS |
ADDITIONAL INFORMATION |
AMOUNTS YEARLY |
|
Federal Subsidized Stafford Loan |
1% loan fee*
(*2011-2012: .5% upfront rebate) |
Fixed and Capped –
2011-2012: 3.4%
2012-2013: 6.8%
Interest is paid (subsidized) 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.
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
|
|
Federal Unsubsidized Stafford Loan |
1% loan fee*
(*2011-2012: .5% upfront rebate) |
Fixed and Capped at 6.8%.
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
|
|
Federal Additional Unsubsidized Stafford Loan |
1% loan fee*
(*2011-2012: .5% upfront rebate) |
Fixed and Capped at 6.8%.
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
|
|
Federal Supplemental Unsubsidized Stafford Loan |
1% loan fee*
(*2011-2012: .5% upfront rebate) |
Fixed and Capped at 6.8%.
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
|
|
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 PLUS Loan(for parents) |
4% loan fee*
(*2011-2012: 1.5% upfront rebate) |
Fixed and Capped at 7.9%. |
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 Loans
|
TYPE OF AID |
FEE |
INTEREST RATE |
PAYMENT
|
REQUIREMENTS |
ADDITIONAL
|
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 |
Questions? E-mail Financial Aid at: finaid@linfield.edu
