Christian Higher Education Since 1892

Undergraduate - Undergrad Loans

0

Federal Student Loan

  • Deferred while the student is in school.
  • Origination fee is 1.072% of the principal loan amount.
  • Fixed-variable interest rate is 3.86% for all student loans.
  • No interest is charged on Subsidized loans while you're in school at least half-time and during deferment periods.
  • Direct Unsubsidized Loans - not based on need but on enrollment and the budget set for classes. Interest accrues (accumulates) on an unsubsidized loan from the time it's first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
  • Complete your Entrance Counseling and Master Promissory Note at:  www.studentloans.gov

Federal Parent PLUS Loan

  • Fixed-variable interest rate of 6.41%. 
  • Origination fee is 4.288% 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
  • Complete your annual Parent Plus Loan Request at:  www.studentloans.gov
  • Complete your Master Promissory Note at:  www.studentloans.gov

Federal Perkins Loan

  • Institution is the Lender.
  • Limited funds available, reserved for needier students.
  • Fixed interest rate of 5%. No interest is charged while the student is enrolled at least half-time.
  • No upfront fees.
  • A nine-month grace period begins when the borrower graduates or drops below half-time (6 credit hours). No interest is charged during the grace period.
  • Repayment of principal & interest beings at the end of a nine-month grace period.
  • Cancellation benefits exist for certain occupations after graduation. Here is the List of Eligible Occupations.

Alternative Loans

  • Credit-based student loan taken out through a Bank or Lending Institution (non-federal).
  • A credit-worthy cosigner is required for a dependent student. For independent students, a cosigner may be required depending on the student's credit rating
  • Interest rates are variable and depend on the borrower's or cosigner's credit.
  • Repayment of the principal balance is deferred until the student graduates or drops below half-time. Some lenders will offer a six-month grace period.
  • List of available Alternative Loans.