Loans
Low-cost loans can help you afford an excellent education.
In addition to grants, scholarships and other types of financial aid, our financial planning office can find low-cost college loans for students and their parents. As these are loans, they must be repaid; however, many offer low interest rates that make them attractive to many students.
You should know about college loans:
- Subsidized loans are awarded based on financial need. No interest is charged until it’s time to repay the loan, because the federal government subsidizes the interest in the meantime.
- Unsubsidized loans charge interest from the time the money is disbursed until it is paid in full. Financial need does not have to be proven for these loans.
Several types of loan programs are available to students at the Sullivan College of Technology & Design, including Stafford Loans for students, Perkins Loans for students, PLUS Loans for parents and others.
For details about college loans and other types of financial aid, please call the financial planning office at 502.456.6509 or contact us for more information.
loans for students
Stafford Loans can be borrowed through the Federal Family Education Loan Program (FFELP) or the Federal Direct Student Loan Program (FDSLP).
- FFELP lenders are private lenders such as, banks, credit unions or savings and loan companies.
The FDSLP or Direct loans are funded by the US government.
Loan limits for both the FFELP and the FDSLP programs are as follows:
- First year undergraduate $5500.00
- Second year undergraduate $6500.00
- Third year and beyond undergraduate $7500.00
First year undergraduate $5500.00
Second year undergraduate $6500.00
Third year and beyond
undergraduate $7500.00
Perkins Loan are awarded based on exceptional financial need.
- Loans are awarded up to $4000.00. The Perkins loan carries a fixed 5% interest. Repayment begins 9 months from the last date of attendance for a student who attends at least part time.
Loans for Parents:
PLUS loans are loans borrowed by the parent to pay for their children’s education.
- These loans can be either FFELP loans from a private lender or FDSLP loans borrowed from the US government. PLUS loans have a 4% fee and carry a fixed interest rate of 8.5% for FFELP loans and a fixed 7.9% interest for FDSLP loans on loans disbursed after July 1, 2006. Repayment of the loan begins 60 days after the loan is fully disbursed. Parents may be eligible to defer payment until 6 months after their child has graduated.
lenders
PLUS Loan Plain
Stafford Loan Plain
Addendum
PLUS Loans
Stafford
Addendum Loans