|
||||||||||||
|
|
The Federal Perkins Loan enables...
Wilkes to provide loans of up to $3,000 per year to students who demonstrate financial need. No interest is charged and no repayments are required while the student continues to be enrolled on at least a half-time basis at an eligible institution and for the first nine months following termination of such enrollment.Interest at the rate of 5% per annum begins to accrue with the 10th month after the student ceases to be enrolled on at least a half-time basis. Students who borrowed prior to July 1, 1987, under the National Direct Student Loan Program, are subject to a six-month grace period for both principal and interest. Deferment of payment is available and criteria are listed on the Promissory Note. To be considered for the Federal Perkins Loan, students must meet the same eligibility requirements as those stated for the Pell Grant and must be enrolled on at least a half-time basis. Payments of principal and interest are made in equal quarterly payments over a 10-year period. For more information on the Federal Perkins Loan, read the US Dept of Education's Student Guide. The Federal Nursing Student Loan program is...
funded jointly by the federal government and the University, and provides loans of up to $2,500 per year to students who show exceptional need and are enrolled in the B.S. degree program in Nursing. The program contains deferment provisions for borrowers.Interest, at the rate of 5% per annum (prior to November 4, 1988 interest was 6%), begins to accrue with the 10th month following termination of half-time enrollment within the Nursing program and is made in monthly installments of not less than $40. The Stafford Loan is a federal program that...
enables students to borrow money from a bank, credit union, savings and loan, or other participating lender. It is available to full-time and part-time degree-seeking students. The Federal Stafford Loan may be subsidized or unsubsidized. The Subsidized Federal Stafford Loan is interest-free while the borrower is enrolled at least half-time and for the first six months following termination of such enrollment. The Unsubsidized Federal Stafford Loan requires the payment of interest while the student is enrolled. The loan limits, per academic grade level, are $3,500 for first-year undergraduates, $4,500 for second-year undergraduates, $5,500 for third- and fourth-year undergraduates and $8,500 for graduate students. Stafford Loan levels will increase for undergraduate students by an additional $2000 unsubsidized for loans disbursed on or after July 1, 2008. In no case, however, may a student borrow more than the difference between his educational cost and his other financial aid in a given year. For loans first disbursed on or after July 1, 1994, there is a variable interest rate not to exceed 8.25%. For all other loans, students should refer to their promissory notes or loan disclosures as provided by their lenders. Repayment of principal and, for subsidized loans, interest begins six months after the student ceases to be enrolled on at least a half-time basis. Under certain circumstances deferment of repayment is available. Federal Stafford Loan funds are issued co-payable to the student and the University and are sent directly to the University. Students who borrow from a PHEAA Guaranteed Lender will have funds credited directly to their account when the funds are received. Other students will be contacted by the Financial Management Office to sign the check when it is received by the Office. Loans approved for the academic year are disbursed in two checks of equal amounts. An Origination Fee and Insurance Fee may be deducted from the loan proceeds. To be considered for the Federal Stafford Loan students must meet the same eligibility requirements as those stated for the Pell Grant and must be enrolled on at least a half-time basis. For information on the Federal Stafford Loan, read the US Department of Education's Student Guide. Additional Unsubsidized Federal Stafford Loan
are available to independent and graduate students who are eligible to apply for these funds, which are in excess of the Stafford Loan maximums already mentioned. The student academic year maximum is $4,000 for grade level one and two, $5,000 for grade level three and four, and $12,000 for graduate study. The loan carries the same interest rate and repayment obligations as listed under the section on Stafford Loans. The Federal PLUS program is available...
to parents of dependent undergraduate students. The Federal PLUS Loan enables parents with good credit histories to borrow for each child who is enrolled at least half-time and is a dependent student. The annual loan limit is the student’s cost of education minus any estimated financial aid received. This loan carries a variable interest rate that is currently 8.50% and repayment begins 60 days after the loan proceeds have been disbursed. In cases of financial hardship, repayment may be delayed in one-year increments, up to a maximum total of three years. Parents must apply for this delay through the lending institution. The interest rate is adjusted annually on loans for enrollment periods beginning after July 1, 1987. There are deferment allowances for student borrowers. To be considered for the PLUS Loan, the student for whom the parent is borrowing the fund must meet the same eligibility requirements as those stated for the Pell Grant and must be enrolled at least half-time. For more information on the Federal Plus Loan, read the US Department of Education's Student Guide. Review the list of Preferred Wilkes' PLUS Lenders. The Gulf Oil Loan Fund provides loans of...
up to $2,000 per year to students who have exhausted all other means of obtaining financial assistance. The loan is interest-free while the student is enrolled on at least a half-time basis at Wilkes University or is enrolled as a full-time student at another institution and for three months following termination of such enrollment. Repayment of principal and interest begins with the fourth month following termination of such enrollment and is made in monthly installments of not less than $50. The interest rate is 6%. The repayment period may extend up to 10 years. The Rulison Evans Loan Fund provides loans of...
up to $2,000 per year to students who have exhausted all other means of obtaining financial assistance. The loan is interest-free while the student is enrolled on at least a half-time basis at Wilkes University or is enrolled as a full-time student at another institution, and for three months following termination of such enrollment. Repayment of principal and interest begins with the fourth month following termination of such enrollment and is made in monthly installments of not less than $50. The interest rate is 6%. The repayment period may extend up to 10 years. The Loan Consolidation Program became available...
in 1987, because of federal regulations. This program allows students who borrowed from the Federal Perkins Loan, Nursing Student Loan, Stafford Loan and PLUS/SLS Loan programs to consolidate these loans into one single payment plan. Emergency Loans are available...
via the Robert W. and Carol R. Hall Student Loan Fund, which was established to assist students in meeting small emergency financial needs.
|
 |
