George Fox University participates in the Federal Direct Student Loan Program. This offers Federal Subsidized, Unsubsidized and PLUS loans for students with the Federal Government as the lender. Loan amounts depend on year in school, as well as cost of attendance and other aid. We also offer Federal Perkins loans to high need traditional undergraduate students. We can assist students if they are considering borrowing non-federal funds as well. Please contact your financial aid counselor if you have any questions on loans.
Federal Perkins Loan Program
The Federal Perkins Loan is a need-based loan with a low fixed interest rate (5%). It is offered to students with high financial need, and generally only offered to Freshmen and Sophomores in the traditional undergraduate program. George Fox University generally limits the annual award level of Perkins to $1000. Repayment of Perkins begins 9 months after the student ceases to attend at least 1/2 time. Funding for the Perkins Loan program is limited. Students who borrow under the Federal Perkins Loan Program are borrowing the funds from George Fox University.
Stafford Program The Federal Direct Stafford Loan Program is a loan that students take out from the federal government. If the loan is based on need, it is considered a subsidized loan, and the government pays the interest on it while the student is attending at least 1/2 time. If it is beyond need, it is considered an unsubsidized loan, and the interest begins accruing from the point George Fox University receives the funds. Interest rates are fixed (see below), and there is currently a 1 percent origination fee that is removed from the funds prior to receipt at the university. Interest rates for the Federal Direct Stafford Loan Program are currently 6.8%. Origination fees equal 2.5% with a 1.5% rebate.
For undergraduate students, the annual amounts are:
Year in School
Max Sub or Unsub
Additional Unsub*
Freshmen
$3,500
$4,000
Sophomore
$4,500
$4,000
Junior
$5,500
$5,000
Senior
$5,500
$5,000
Loans cannot exceed the cost of attendance less other financial aid.
* Additional Unsubsidized Stafford is for independent students, or for dependent students whose parents have been denied for a Federal PLUS loan.
For graduate students, annual amounts are:
Max Sub or Unsub
Additional Unsub
$8,500
$12,000
Loans cannot exceed the cost of attendance less other financial aid.
For graduate students in the Psy D Program, there are additional loan levels available.
Twelve month annual loan limits for this program are:
Max Sub or Unsub
Additional Unsub
$8,500
$28,667
Loans cannot exceed the cost of attendance less other financial aid.
PLUS Loans The Federal Direct PLUS loan program is a loan for parents to take out toward their student's educational expenses. Interest accrues on it from the time the university received funds, and it is subject to credit approval (unlike Perkins or Stafford). We do not package PLUS loans on the initial award letter; students or parents need to request the program. Loan limits are cost of attendance less other aid. The Federal Direct PLUS Loan Program has an interest rate of 7.9%. Origination fees equal 4% with a 1.5% rebate.
Grad PLUS loans
The Federal Direct Graduate PLUS loan program is a program for graduate students beyond what they are currently receiving in Stafford loans. It cannot exceed the cost of attendance less other financial aid. Like the PLUS loan program for parents, a borrower must pass a credit check to qualify. Current interest rate for the Federal Direct Grad PLUS program is 7.9%. Origination fees equal 4% with a 1.5% rebate.
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 borrowers credit-worthiness. Generally, students can find a better rate if they 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.
Links
Here are some links which may be helpful for you in reviewing information on student loans:
