Loans
Loans
George Fox University participates in the Direct Loan Program, which awards the Federal Subsidized Stafford Loan and the Federal Unsubsidized Stafford Loan.
Eligibility for the Direct Loan Program is based on information from the FAFSA. The subsidized loan is based on financial need, and the federal government will pay the interest on the loan until six months after graduation or a student ceases to be enrolled at least half time. The unsubsidized loan is not need based and begins to accrue interest after the loan has disbursed to the students account. Borrowers are responsible for paying the interest quarterly or capitalizing it until the time of repayment. For more information on student loans, please click here.
Borrowing limits for independent undergrad students
| Year in School | Max Subsidized or Unsubsidized | After July 1, 2008 Unsubsidized eligibility |
|---|---|---|
| Freshmen | $3,500 | $6,000 |
| Sophomore | $4,500 | $6,000 |
| Junior | $5,500 | $7,000 |
| Senior | $5,500 | $7,000 |
| Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits) | |
|---|---|
| Dependent Students | $31,000—No more than $23,000 of this amount may be in subsidized loans. |
| Independent Undergraduate Students (and Dependent Students whose parents cannot borrow from the PLUS loan program) | $57,500—No more than $23,000 of this amount may be in subsidized loans. |
| Graduate and Professional Degree Students | $138,500—No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study. |
The interest rate for the Stafford subsidized loan from July 1, 2012 through June 30, 2013 will be 3.4% for subsidized loans with the unsubsidized remaining at 6.8%. Repayment begins six months after graduation or when a student ceases to be enrolled at least half time. There is currently a 1 percent origination fee that is deducted from the funds prior to disbursement to the university.
Alternative Loans
Alternative loans are private loans that are not part of the federal financial aid program. Interest rates and fees vary greatly and may depend on the borrower’s credit-worthiness. Students may be required to have a co-signer. Loan amounts cannot exceed the cost of attendance less other financial aid. We encourage students to contact their financial aid counselor if they are considering an alternative loan, so they can make an informed decision.
Note: You cannot borrow more than the cost of education as determined by the budget for the school year.