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Federal Student Loan
Deferred while the student is in school
Fixed Interest Rate of 3.4% for Undergraduate Subsidized loans and 6.8% for Undergraduate Unsubsidized loans, Graduate Subsidized loans, and Graduate Unsubsidized loans
Subsidized (interest paid by the government while the student is in school) or Unsubsidized (interest accruing while the student is in school) eligibility is determined by the FAFSA calculation
Origination fees are 1% of the principal loan amount
Repayment begins when the borrower graduates or drops below half-time status. They have a six-month grace period before starting repayment.
Federal Parent PLUS Loan
Fixed Interest Rate of 7.9%
Fees are 4% of the principal loan amount.
Repayment begins when the loan is fully disbursed for the year but the borrower can apply to have the repayment deferred while in school and throughout the six month grace period.
Federal Perkins Loan
A long-term loan awarded to students with exceptional financial need. Funds are limited and awarded on availability basis. Priority consideration is March 15.
Interest rate - 5% during repayment period
No upfront fees
Repayment begins when the borrower graduates or drops below half-time status. Students have a nine-month grace period before starting repayment.
There are options for students to get some or all of their Perkins loans canceled based on their occupation after graduation. Here is the
List of Eligible Occupations.
Sterling College encourages all students to take advantage of institutional, state and federal aid before considering alternative loans.
Credit-based student loans taken out through a Bank or Lending institution.