Student loans
Done responsibly, student loans can be a safe and
easy way to achieve your educational goals. There are
many types of student loans. Interest rates, repayment
options, and application procedures vary. As a
responsible borrower, you’ll want to spend some time
studying the options to determine what’s best for you.
If you need help, any at all, contact our Office of
Financial Aid; they are the experts and can give you a
helping hand. You also can visit
www.finaid.org/loans.
| Loan Type |
Amount Available Annually |
Application Process |
| Federal Stafford Loan |
$3,500 freshmen
$4,500 sophomores
$5,500 juniors and
seniors
|
FAFSA |
| Unsubsidized Stafford Loan |
An additional $2,000 each
year |
FAFSA |
| Federal Perkins Loan |
Up to $4,000 |
FAFSA |
| Parents Loan for
Undergraduate Students (PLUS) |
Up to cost of attendance
less financial aid awarded |
Individual bank applications |
Stafford loans
These are the traditional student loan. They have extremely
low interest rates, interest usually does not accrue while in
school, re-payment does not begin until you graduate (or leave
school), and re-payment terms are flexible and can be deferred
for such things such as attending graduate school.
Click here for a recommended lender list.
Plus loans
These are loans taken by parents to help their children pay
for college. To manage college costs, these are a great vehicle.
Terms and conditions vary depending on the lender, but terms are
generous and similar to Stafford Loans.
Click here
for more information on Plus Loans.
Alternative educational loans
Alternative loans can be taken by the student or just about
anyone for the benefit of the student’s education. Students and
parents may want to consult with their bank, accountant or
financial advisor for advice on the best options.
For more information visit
www.finaid.org/loans or contact the Saint Martin’s
Office of Financial Aid at
360-438-4397.