Financial Aid

REACH Loan Program

The REACH Loan program identifies and assists qualified students who desire to attend Greenville College with the intention of graduating.

Qualifications:

The REACH Loan Program is designed for students who have exhausted all traditional forms of financial aid and a financial need still remains preventing the student from attending Greenville College. The student must fit the desired profile for a Greenville College student (academic ability, Christian character, etc.) and declare his/her intent to graduate from Greenville College.

Program Parameters:

Qualified students will be offered a REACH Loan at 8% interest per year. One half of the interest accumulated at the date of graduation will be forgiven and the interest rate on the loan will be reduced from 8% to 4%.

The total loan, plus interest, must be paid back to the college within five and a half years from the student's graduation date. Starting with the date of graduation, the total accumulated loan will become a partial grant in accordance with the following forgiveness policy:

Year One
For every dollar paid back during the first year, the college will forgive an additional dollar (i.e. if a total of $1,000 is paid in the first year, the college will forgive an additional $1,000 for a total of $2,000 applied to the loan).

Year Two
For every dollar paid back during the second year the college will forgive an additional fifty cents (i.e. if a total of $1,000 is paid in the second year, the college will forgive an additional $500 for a total of $1,500 applied to the loan).

Years Three to Five
For every dollar paid during the third, fourth, and fifth years, the college will forgive an additional twenty-five cents (i.e. if a total of $1,000 is paid in the third, fourth, and fifth years, the college will forgive an additional $250 for a total of $1,250 applied to the loan each year).

For each year a loan is secured, the student will sign a contract designating the terms of the agreement. Payments on the loan are deferred until the student graduates or leaves Greenville College. If for any reason a student elects, or is required, to leave Greenville College prior to graduating, he/she will pay off the loan in accordance with the terms specified in the contract.

For more information about the REACH Loan Program, please write or call the Office of Student Financial Services at 1-800-345-4440.

Last updated: January 18, 2000