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Melrose Hall

Student and Parent Loans

What are student and parent loans?

Undergraduate students and their parents wishing to help finance the student's educational costs may seek out loans. A loan is money that is borrowed and must be repaid with interest.

Click on the loan type below to review additional information about the loan options and the steps required to receive the loan.

Student Loans:

Parent Loan:

Please note:

For students and their families looking for a payment plan (paid over several monthly payments) for part or all of their Linfield educational expenses, the Linfield Student Accounts Office coordinates a pay-as-you-go plan with Tuition Management System (TMS). Enroll or 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% for undergraduate Stafford (subsidized and unsubsidized. Cap: 8.25%
  • 4.6% for PLUS (parents and graduate students). Cap: 10.5%

Loans would be “variable-fixed.” This means students would receive a new rate with each new loan; 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 (MPN). This will be tracked during the loan process by the 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 1.059%
between
10/1/19-
09/30/20 and 1.062% between 10/1/18- 9/30/19
“Variable-Fixed”

2.75%
between
7/1/20-
6/30/21 5.05% between 7/1/18- 6/30/19
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 1.059%
between
10/1/19-
9/30/20 and 1.062% between 10/1/18- 9/30/19
“Variable-Fixed” 2.75%
between
7/1/20-
6/30/21 5.05% between 7/1/18- 6/30/19 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 1.059%
between
10/1/19-
9/30/20 and 1.062% between 10/1/18- 9/30/19
“Variable-Fixed” 2.75%
between
7/1/20-
6/30/21 5.05% between 7/1/18- 6/30/19 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 1.059%
between
10/1/19-
9/30/20 and 1.062% between 10/1/18- 9/30/19
“Variable-Fixed” 2.75%
between
7/1/20-
6/30/21 5.05% between 7/1/18- 6/30/19 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 Direct PLUS Loan (for parents)

4.236% between 10/1/19- 9/30/20 and 4.248% between 10/1/18- 9/30/19

“Variable-Fixed” 5.30%
between
7/1/20-
6/30/21 7.60% between 7/1/18- 6/30/19
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 co-signer (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 co-signer (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.

Emergency Short Term Loan Program

The short-term loan program is available to regularly enrolled students to assist with educational expenses during the year they borrow the funds. These loan funds require repayment before the start of the next academic year, or, for graduating seniors, before graduation.

Linfield employees are excluded from borrowing these loans, unless they are enrolled in courses and are eligible. These funds are managed and awarded jointly by the offices of Financial Aid and Accounting.

Questions?

Office hours:
Monday - Friday
8 a.m. - 5 p.m. (Pacific Time)

The Office of Financial Aid

Melrose Hall, Suite 030
503.883.2225
finaid@linfield.edu