Financial Aid

Loan Information

The tables below list federal and private loan options, fees and interest rates. More information about each of the loan types can be found in the links below.

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.

TYPE OF AID	FEES	INTEREST RATE	PAYMENT WHILE IN SCHOOL	REQUIREMENTS	ADDITIONAL INFORMATION	AMOUNTS YEARLY
Federal Direct Subsidized Stafford Loan	1.051% loan fee	“Variable-Fixed” 3.86%	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	“Variable-Fixed” 3.86% 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	“Variable-Fixed” 3.86% 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	“Variable-Fixed” 3.86% 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	“Variable-Fixed” 6.41%	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
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

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