Federal Perkins Loans
This is a government-funded, low-interest loan (currently 5%) for undergraduate
students who have demonstrated financial need. The Financial Aid
Office will award this and send paperwork in your award packet if you
qualify. Repayment begins nine months after graduation. Perkins Loan funds are limited.
Stafford Loans
The Stafford Loan is low-interest, and repayment does not begin until six months after graduation. Currently, the
maximum subsidized loan is $3,500 for freshmen, $4,500 for sophomores and $5,500 for junior and seniors. (An
additional $2,000 unsubsidized is available to all grade levels.)
More info
PLUS
If your financial aid does not cover all of your costs, a parent can apply for a Federal PLUS (Parent Loan for Undergraduate
Students) by going to www.aesSuccess.org or obtaining a paper Master Promissory Note from a bank or the Financial
Aid Office. The benefits of a PLUS are a fixed interest rate and the option to defer payments for up to four years. If a
parent is denied the PLUS, you are then eligible for an additional Stafford Loan of up to $4,000 in unsubsidized funds
for the first and second years and up to $5,000 thereafter. However, a parent must apply and be denied each year.
More info
Alternative Loans
Additional private loans, generally referred to as “alternative loans”, are also available to students to bridge any funding gaps.
Most students will need a co-borrower. Payment can usually be deferred until after graduation, but interest accrues from
the time the loan is disbursed. Additional information on this type of loan is available through the Financial Aid Office or by going to www.schoollenderlist.com/stvincent.
