Loans

Federal Stafford Student Loans
This loan may be subsidized, unsubsidized, or a combination of both. With a subsidized loan, which is awarded based on financial need, the federal government pays interest that accrues while you are in school. The unsubsidized loan is not based on need; interest that accrues while in school must either be paid monthly or deferred and capitalized (added to the original loan balance). Loan eligibility is determined by the Financial Aid Office, but funds are provided by lenders.

The maximum annual loan totals are based upon your year of enrollment. Freshmen are eligible for $3,500; sophomores, $4,500; and, juniors, and seniors, $5,500. For loans disbursed after July 1, 2006, the interest rate is a fixed 6.8%. Loan funds are disbursed directly to Fisher College in equal amounts over each term of enrollment for the academic year. There is a 6-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status. See the Repayment page for additional information on repayment options.

Students who are first time borrowers of the Federal Stafford Loan must complete an entrance interview before choosing a lender and completing their Master Promissory Note (MPN). The Federal Stafford Loan will not be processed until the entrance interview is complete. Please visit the Mapping Your Future Web site (opens in new window) to complete your entrance interview.

Fisher College Stafford Loan Preferred Lender List
Please visit our Lender List (opens in new window) to initiate your Federal Stafford Loan process. Once you have selected a lender, please submit the 'Apply Now!' button in the 'Select' column which will direct you to American Student Assistance (ASA) where you will complete the borrower initiated process. Please review theses step-by-step instructions before starting the process.

If you are not applying for a loan with one of the preferred lenders listed below, please contact the Financial Aid Office and notify us of the lender you wish to borrow with.

Federal Perkins Loans
These federal loan program carry a 5% interest rate during repayment. You must demonstrate financial need and meet Fisher College's priority filing date for consideration, as funds are limited. Fisher College serves as the lender, and the loan is made with government funds. Repayment is made to Fisher College.

For Perkins Loans, there is a 9-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status. Repayment on the loan is for a period of up to ten years with a minimum $50 monthly payment. The loan may be prepaid at any time without penalty.

Federal PLUS Loan
The federally sponsored PLUS loan is a low-interest student loan for graduate level students and the parents of dependent undergraduate students, who are attending at least half-time. Beginning July 1, 2006, the interest rate is a fixed 8.5%. Loan funds are disbursed directly to Fisher College in equal amounts over each term of enrollment for the academic year. The maximum amount that can be borrowed is the cost of education less any other forms of financial aid. Up to a 4% bank fee may be deducted by the lender. PLUS loans must be processed according to federal regulations, which stipulate that a loan cannot be processed after the end of the loan period. Thus, you cannot use a federal PLUS loan to pay a back balance.

Parent PLUS
The borrower can be a parent, step-parent, or legal guardian, and must be a U.S. citizen or permanent resident. Repayment begins 60 days after the loan is fully disbursed, and extends up to 10 years. There is an option for in-school forbearance for up to 60 months. If a parent is denied a Federal PLUS loan due to credit reasons, the parent may appeal the denial with the lender or reapply with a credit-worthy co-borrower.

Complete your PLUS Loan Master Promissory Note (MPN) online at www.amsa.com.

Fisher College Preferred PLUS Lenders
If you are not applying for a loan with one of the preferred lenders listed below, please contact the Financial Aid Office and notify us of the lender you wish to borrower with.

Lender List (opens in new window)

Loan Deferment
If you cannot afford to make the monthly payment on your Federal Loans, you may be eligible for a deferment. This option lets you postpone making monthly payments on the principal and sometimes the interest. You qualify for deferment if you are attending a postsecondary school at least half time, unable to find full-time employment (up to three years), studying in an approved graduate fellowship or rehabilitation training program for the disabled, or experiencing economic hardship (up to three years). Contact your lender for additional information on loan deferment.