Walsh University Undergraduate Catalog 2013-2014
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Federal Perkins Loan The Federal Perkins Loan is a long-term, low-interest loan with payment and interest deferred until nine months after graduation, or until the borrower ceases to be at least a halftime student. The current rate of interest is 5%. Students must enroll full-time and demonstrate financial need in order to receive the loan. Continued deferment is available for students who enroll in the Armed Forces, VISTA, the Peace Corps, or who return to at least half-time student status. The maximum repayment period for the loan is 10 years. Application is made each year by completing the FAFSA. All recipients must maintain satisfactory academic progress as determined by Walsh University.
Federal Direct Stafford Loan (subsidized and unsubsidized) A second major federal loan program, the Federal Direct Stafford Loan, also provides long-term loans to eligible students in postsecondary education. Students must first file a FAFSA to be considered for a Direct Stafford Loan. Loans are available either on a subsidized or unsubsidized basis and are borrowed directly from the federal government. The subsidized loan is based on financial need with the federal government paying interest while the student is in school. The unsubsidized loan is not based on need, and interest accrues on the loan while the student is in school. Interest payments can be deferred until six months after graduation when repayment generally begins, or can be made to the lender while the student is in school. The Stafford Loan has a fixed interest rate which is set annually each July 1. There is a 10-year maximum repayment period with minimum payments starting at $50. The maximum yearly amount available to eligible dependent students is $5,500 for freshmen, $6,500 for sophomores, and $7,500 for juniors and seniors, or an aggregate total of $31,000 for undergraduate study. Eligible independent students may borrow up to an additional $4,000 yearly for freshmen or sophomores and $5,000 yearly for juniors and seniors. The aggregate total for independent students is $57,500 for undergraduate study. Students must enroll at least half-time and, for the subsidized loan, demonstrate financial need.
Federal Parent Loan to Undergraduate Students (PLUS) A PLUS Loan is a loan parents of dependent students borrow for educational expenses. Electronic applications are available online at www.studentloans.gov.
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