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 Federal Perkins Loan is a low interest, repayable loan awarded to undergraduate and graduate students with exceptional financial need. The interest rate is 5 percent and no interest accrues on the loan while the borrower is enrolled half time and during the grace period. Repayment begins nine months after graduating or withdrawal from school. This loan program has cancellation provisions for critical fields of study. Contact the Financial Aid Office for more information.
Federal Subsidized Stafford Loan is a repayable loan awarded on the basis of financial need. The Federal government pays any accrued interest on the loan while the student is enrolled in school, during the grace period or during authorized periods of deferment. Undergraduate students may borrow annually a combination of subsidized and unsubsidized loans not to exceed $3,500 as a freshman; $4,500 as a sophomore; $5,500 as a junior or senior. Graduate students may borrow $8,500 annually.
Federal Unsubsidized Stafford Loan is not awarded on the basis of financial need. Any student regardless of income may participate in this loan program. However, interest does accrue from the date of disbursement until the loan is paid in full. The borrower has the options of paying the accrued interest or having the interest capitalized.Undergraduate students may borrow annually a combination of subsidized and unsubsidized loans not to exceed $3,500 as a freshman; $4,500 as a sophomore; $5,500 as a junior or senior. Graduate students may borrow $12,500 annually.
Service Cancelable Stafford Loans provide forgivable Stafford loans to Georgia residents who are pursuing degrees in areas where there is a critical shortage of qualified professionals. The terms and conditions of a service-cancelable loan are the same as for a Federal Stafford loan except the student may cancel the loan in full by working one year at an approved Georgia location for each academic year funding was received. The only approved critical field at LaGrange College is Nursing.
Federal Parent Loan for Undergraduate Students (PLUS) is available to the parents of a dependent student to defray remaining educational expenses after all other financial aid resources are exhausted. Eligible applicants may borrow up to the cost of attendance less other financial aid. The interest rate will not exceed 9%. Unlike the Federal Stafford Loan program, PLUS borrowers must be credit worthy to qualify for this loan and repayment begins within 60 days of the loan disbursement.
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Financial Aid
Additional Resources
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