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). The Financial Aid Office strongly advises students to repay the unsubsidized loan interest while in school. Loan eligibility is determined by the Financial Aid Office, but loans made for the 2010-2011 academic year are made by the U.S. Department of Education and funded by the U.S. Treasury.
The maximum annual Subsidized loan limits 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 4.5%. Unsubsidized loan interest rates are 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.
Stafford Loan Entrance Interview
• For new students attending Day classes in Fall 2010 or Evening/DCE classes for September or November, please visit the Direct Loan Servicing Center (opens in new window) to complete your entrance interview.
Stafford Loan Master Promissory Note
• For new or returning students attending Day t classes in Fall 2010 or Evening/DCE classes for September or November, please visit the Direct Loan Master Promissory Note Gateway (opens in new window). Click on "Complete New MPN For Student Loans" on the left hand table and follow the directions.
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 Direct PLUS
The Federal Direct PLUS Loan is for parents of eligible dependent undergraduate students. The borrower and the student must be U.S. citizens or permanent residents. It currently has a fixed rate of 7.90% for the life of the loan. Borrowers must pass a PLUS Loan credit check and must not have adverse credit history. Parent unable to meet the PLUS credit criteria may be able to borrow with a creditworthy "endorser." The endorser cannot be released from the repayment obligation before the loan is repaid in full. A 10-year standard monthly repayment of approximately $12.08 per $1,000 borrowed, with a $50 monthly minimum payment. Extended and graduate repayment plans are available. Principal and interest payments begin 60 days after the loan has been fully disbursed. No prepayment penalty.
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.