Loan Programs
Loans are financial aid which must be repaid at or by a certain time. The majority of the loan programs charge a minimal interest rate and require repayment after the student ceases to attend college (at least half time). Please see the Financial Aid Handbook* for complete information.
Federal Subsidized Stafford Loan
Under this loan, students can borrow $8,500 per year to a total of $65,500. Loans are granted on the basis of financial need. Interest rate is variable with an 8.25% cap. No interest is paid during the in-school period. Forms are completed by the student, the College and the lender. Repayment starts six months after ceasing to be a half-time student.
Federal Unsubsidized Stafford Loan
These loans are granted on the basis of student enrollment. Borrowers can receive up to $10,000 per year to a total of $73,000. Interest is calculated on a quarterly basis and is based roughly on prime lending rates. Interest is charged to students from the time the loan is disbursed. The forms are completed by the student, the College and the lender. Repayment of principal begins six months after ceasing to be a half-time student.
Federal Perkins Loan
Under this loan, students can borrow up to $6,000 per year to a total of $40,000 for undergraduate and professional study. Loans are granted on the basis of financial need. Interest rate is 5% annually. Repayment starts nine months after separation from school. Interest starts to accrue at this time
The North Carolina Student Loan Programfor Health, Science, and Mathematics
Provides financial assistance in the form of loans up to $6,500/year for North Carolina residents. These loans may be canceled through approved service in shortage areas, public institutions, or private practice. Applications can be obtained by visiting the NC State Education Assistance Authority web site or writing to NC State Education Assistance Authority PO Box 14223 RTP, NC 27709-4223 Phone 919-549-8614.
Grad PLUS Loan Program
Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in both the FFEL and Direct Loan Program. The terms, conditions and eligibility requirements include:
- a determination that the applicant does not have an adverse credit history,
- repayment beginning on the date of the last disbursement of the loan,
- a 3% origination fee charged by the federal government.
- up to a 1% federal default fee, and o a fixed interest rate of 8.5 % in the FFEL program