| Need-Based | Non-Need Based Loans |
Student loans allow you to postpone paying for
your college expenses until you have completed your education. Loan
obligations are described in this section and in the promissory notes.
Please read carefully so you understand all your responsibilities
before you accept a loan.
Eligibility: At least half-time (six credit hours) undergraduate or (four credit hours) graduate students with high need.
Amount: Up to $4,000 for each year of undergraduate study and up to $6,000 for each year of graduate or professional study.
Repayment:
A fixed interest rate of 5%. There is a nine-month grace period after
the student graduates, withdraws, or drops to less than half-time
attendance. Principal and interest payments begin at 12 months.
Deferrals available for student status, economic hardship, select
volunteer services and pre-cancellation borrowers.
Comments or Conditions:
Recipients are required to complete the IPROMISE PROGRAM in full. The
program will be available to completion for all borrowers after the
first week of classes. An email will be sent to these borrowers with
instructions on how to complete this process. All loans not signed for
will be cancelled. Priority is given to undergraduate students. The
total loan may be forgiven for teaching in low-income population areas,
teaching the disabled, or teaching in a Federal Head Start program.
Additional loan cancellation conditions exist.
Perkins Loan Online Entrance Instructions
You must complete all four steps in the IPROMISE PROGRAM before the funds will be disbursed to your account.
Eligibility:
Student enrolled at least half-time (6 credit hours) in School of
Nursing (except pre-nursing). Preference given to LPN students.
Amount: Up to $4,000
Repayment:
A fixed interest rate of 5%. There is a nine-month grace period after
the student graduates, withdraws, or drops to less than half-time
attendance. Principal and interest payments begin at 12 months.
Comments or Conditions:
Recipients are required to complete the IPROMISE PROGRAM in full. The
program will be available for all borrowers after the first week of
classes. An email will be sent to these borrowers with instructions on
how to complete this process. All loans not signed for will be
cancelled. Priority is given to undergraduate students.
Eligibility:
NFLP loans are awarded to students enrolled full-time in an eligible
advanced degree program (masters or doctoral) in nursing.
Amount: Up to the cost of tuition and fees
Repayment: When the repayment period begins on the loan, the school is responsible for collecting payment from the loan recipient.
Comments or Conditions: Loan
recipients must agree to complete the education program, and following
graduation, may cancel up to 85% of the NFLP loan while serving as
full-time nurse faculty at a school of nursing. The recipients of this
loan are required to make an appointment to come into the Student Loan
Office (Business Office) each semester to sign for this loan. Call
(253) 535-8361 for an appointment. It is preferred that the students
come in during the week before or week after the semester begins.
You
may be able to avoid a possible delay by completing and signing your
application/promissory note electronically. To do so, go to your
lender's website and look for the link to their electronic
application/promissory note. If using a lender from our short list of
lenders found on our website, a link to their electronic application is
already provided. (Please note: If you previously borrowed a
FFELP loan at PLU within the past three academic years, you will not
need to sign another promissory note and none will be mailed to you.)
Loan funds are electronically transmitted to the university by all
lenders found on our lender list at the PLU Financial Aid website at www.plu.edu/~faid.
You
have the option of picking any lender participating in the Federal
Family Education Loan Program. However, you might want to consider our
lender short list, as we have already identified lenders who have
served PLU students with good customer service, have waived the loan
fees whenever possible, and offered repayment programs which provide
maximum opportunity to reduce the total cost of borrowing.
Amount:
Up to $3,500 per year for first year students; $4,500 for sophomores;
$5,500 for juniors and seniors; and $8,500 for graduate students.
Repayment:
Monthly principal and interest payments begin six months after the
student graduates, withdraws, or drops to less than half time
attendance. The annual rate of interest is fixed at 6.8%.
Comments or Conditions:
The federal government pays the interest on your loan on your behalf
until you enter repayment. You are responsible for selecting a lender,
and if borrowing the Stafford Loan for the first time, completing the
application/promissory note and entrance interview.
Amount:
Up to $3,500 per year for first year students; $4,500 for sophomores;
$5,500 for juniors and seniors; and $10,000 for graduate students.
Repayment:
Principal and interest payments begin six months after the student
graduates, withdraws, or drops to less than half time attendance.
Unsubsidized means you are responsible for the accruing interest on the
loan, which begins on the date the loan is disbursed; however, interest
payments may be deferred until you enter repayment. The annual rate of
interest is fixed at 6.8%.
Comments or Conditions: Financial need is not a requirement. You are responsible for selecting a lender, and if borrowing the
Stafford Loan for the first time, completing the application/promissory
note and entrance interview.
Eligibility: Graduate Students or Parents of dependent undergraduate students with an acceptable credit record.
Amount:
Parents may borrow up to the full cost of their student’s college
education minus the amount of any financial aid the received by the
student.
Repayment: Monthly payments begin within 60 days
after the final disbursement of funds for the academic year. The
borrower may request a postponement of payments until the student
completes school, but interest begins accruing from the date the funds
are first disbursed at a fixed 8.5%.
Comments or Conditions:
Financial need is not a requirement for this loan program; however, the
borrower must have an acceptable credit record to qualify. Either
parent (or both) may borrow this loan on behalf of their dependent
undergraduate. The borrower is responsible for selecting a lender and
completing the application/promissory note. An entrance interview for
first time borrowers may also be required..
Amount:
Up to $4,000/year for first year students and sophomores and $5,000 for
juniors and seniors, $7,000 for Teacher certification students, and
$12,000 for graduate students.
Repayment: Monthly principal
payments begin six months after the student graduates, withdraws, or
drops to less than half-time attendance. Unsubsidized means you are
responsible for the accruing interest on the loan, which begins on the
date the funds are first disbursed; however, interest payments may be
deferred until you enter repayment. The annual interest rate is fixed
at 6.8%.
Comments or Conditions: Financial need is not a
requirement. The borrower is responsible for selecting a lender from
the Lender List, and if borrowing the Stafford Loan for the first time,
completing the application/promissory note and entrance interview.
Eligibility: All independent/dependent students must meet lender specific creditworthy criteria which may require a cosigner.
Amount: Up to the Cost of Education minus Financial Aid offered.
Comments and Conditions:
Various Alternative Loans are provided for all students, including
those not qualifying for Title IV aid. Please see the PLU Financial
Aid Web Site for information on Alternative Loan Lenders: http://www.plu.edu/~faid/typesofaid/loans/alternative.html