Roberts Wesleyan College
Academics

Federal Loans

Federal Perkins Loan

Federal Perkins Loans are loaned out by colleges to students with financial need. The federal government pays the interest while the student remains enrolled at least half-time. Repayment of the loan begins nine months after a student drops below half-time, withdraws, or graduates. The interest rate is five percent. Students may not choose to receive this loan instead of the Stafford.

  • Students who are awarded a Perkins loan must complete Perkins entrance counseling and a Master Promissory Note.  Contact the Office of Financial Aid.

Federal Direct Loans

The William D. Ford Federal Direct Loan program offers low-interest loans for students and parents to help pay for the cost of a student's education after high school. Federal loans include subsidzied and unsubsidized loans to the student, Parent PLUS loan for parents, and Grad PLUS loan for graduate students.

  • To be eligible for a Federal Direct Loan, the student must be enrolled at least half-time in college Eligibility is limited to the cost of attendance minus financial aid already awarded.
  • Students who are awarded a Subsidized or Unsubsidized Direct Loan must complete Entrance Counseling and a Direct Loan Master Promissory Note(MPN) at www.studentloans.gov.
  • Parents and Grad students who would like a PLUS loan must be credit qualified, and complete an application and Master Promissory Note at www.studentloans.gov.
  • Loan funds will be disbursed directly to Roberts Wesleyan College and applied to the Student Account.
  • For more information regarding Direct loans, please go the Federal Student Aid website at www.direct.ed.gov.

Direct Subsidized Loans are for students with financial need. The results of your Free Application for Federal Student Aid (FAFSA) are used to determine the amount you can borrow. You are not charged interest while you're in school at least half-time.  As of the 2012-2013 academic year, Subsidized loans will be available to undergraduate students only.

Direct Unsubsidized Loans do not require you to demonstrate financial need to receive. Like subsidized loans, the amount you can borrow is determined from the results of your FAFSA. 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.

Direct PLUS Loans are for the biological or adoptive parent or stepparent of a dependent undergraduate student or a graduate degree student. Interest accrues (accumulates) on an unsubsidized loan from the time it's first paid out, and repayment normally begins within sixty days of full disbursement. Parents or graduate students may request a deferment or forbearance from the Department of Education.

To apply for a plus loan, the PARENT OR GRAD student must sign in with their own federal PIN number at www.studentloans.gov.

  1. Request a PLUS loan and complete a credit check NO MORE THAN 90 DAYS PRIOR TO THE START OF THE SEMESTER. You should determine the amount of loan requested prior to application.

    Note: If a parent is denied for a FEDERAL DIRECT PLUS loan, the parent may add an endorser OR the dependent student can become eligible for an additional FEDERAL DIRECT Unsubsidized Loan. First and second year students (0-59 earned cumulative semester hours) may borrow up to 4,000. Third-year students and beyond (60+ earned cumulative semester hours) may borrow up to $5,000.
  2. Complete the PLUS Master Promissory Note, if needed.

Roberts Wesleyan College will be notified electronically and add the PLUS loan to the Financial Aid package. Loan funds will disburse directly to Roberts Wesleyan College and be applied to the Student Account.

Loan Limits

The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and on whether you are a dependent student or an independent student. Please visit http://www2.ed.gov/offices/OSFAP/DirectLoan/applying.html for the most up-to-date information related to loan limits.

Loan Rates

Please visit http://www2.ed.gov/offices/OSFAP/DirectLoan/calc.html for the most up-to-date loan rates, repayment information, and helpful online calculators.

Back: Federal Workstudy Next: Campus-Based Aid