Federal Perkins Loan Program
The Federal Perkins Loan is a need-based loan with a fixed interest rate (5%). It is offered to full time traditional undergraduate students with high financial need, and generally awarded to Freshmen. George Fox University generally limits the annual award level of Perkins loans to $1000. Repayment of the Perkins loan begins 9 months after the student graduates or ceases to be enrolled at least 1/2 time. Funding for the Federal Perkins Loan program is limited. Students who borrow from the Federal Perkins Loan program are borrowing the funds from George Fox University.
Stafford Loan Program
The Federal Direct Subsidized and Unsubsidized Stafford loans are federal student loans offered by the U.S. Department of Education for eligible students to help cover the cost of higher education.
Subsidized Stafford Loans
Subsidized Stafford loans are available to undergraduate students with financial need. The U.S. Department of Education pays the intereest on subsidized loans while the student is in school and enrolled at least half-time.
Unsubsidized Stafford Loans
Unsubsidized Stafford loans are available to undergraduate and graduate students, regardless of financial need. Interest accrual begins at the point of disbursement.
Interest rates for both subsidized and unsubsidized loans are fixed (see below), and there is currently a 1.07% origination fee deducted from the funds prior to receipt at the university. Additional information is available online at www.studentloans.gov.
|Loan Interest Rates|
|Loan Type||Borrower Type||Loans first disbursed on or after 7/1/14 and before 7/1/15||Loans first disbursed on or after 7/1/15 and before 7/1/16|
|Direct Subsidized Loans||Undergraduate||4.66%||4.29%|
|Direct Unsubsidized Loans||Undergraduate||4.66%||4.29%|
|Direct Unsubsidized Loans||Graduate||6.21%||5.84%|
|Annual Loan Limits|
|Year in School||Dependent Students||Independent Students||Additional Unsubsidized if Parent PLUS loan is denied|
|Freshmen Annual Loan Limit||$5,500 - No more than $3,500 of this amount may be in subsidized loans||$9,500 - No more than $3,500 of this amount may be in subsidized loans||$4,000|
|Sophomore Annual Loan Limit||$6,500 - No more than $4,500 of this amount may be in subsidized loans||$10,500 - No more than $4,500 of this amount may be in subsidized loans||$4,000|
|Junior and Senior Annual Loan Limit||$7,500 - No more than $5,500 of this amount may be in subsidized loans||$12,500 - No more than $5,500 of this amount may be in subsidized loans||$5,000|
|Graduate or Professional Annual Loan Limit||Not Applicable (all graduate students are considered independent)||$20,500 (unsubsidized only)||Not Applicable|
Loans cannot exceed the cost of attendance less other financial aid.
|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.|
Parent PLUS Loans
Parent PLUS loans are federal loans provided by the U.S. Department of Education that parents of dependent undergraduate students can use to help pay education expenses. To be eligible, parents must apply online at www.studentloans.gov and be approved. The maximum loan amount is the student’s cost of attendance minus other aid.
To learn more about how the Parent PLUS Loan works and how to repay it, vist Direct Parent PLUS 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. Generally, students are required to have a co-signer. Loan amounts cannot exceed the cost of attendance less other financial aid.
Try ELMSelect to view and compare lenders that have provided private loans to George Fox students in the past. While these resources will help you make an informed decision about the most appropriate loan for you, please note that you are not required to select a lender on this list. You can also visit ConsumerAffairs.com for helpful tips on how to choose a student loan lender.