A loan for educational expenses is an option if you are eligible or if your parents qualify. All types of loans must be repaid, but repayment begins after you graduate or fall below half-time enrollment. In order to establish your loan eligibility you need to fill out your Free Application for Federal Student Aid (FAFSA) for most loans. We offer the following types of loans at Rockhurst University
Federal Perkins Loans:
The Perkins loan is based on financial need. A completed FAFSA is required Interest is deferred while you are in school and enrolled at least half-time. Repayment begins nine months after graduation or when you fall below half-time status.
Federal Subsidized Stafford and Unsubsidized Stafford Loans:
The subsidized loan is based on completed credit hours/class year. (freshmen, sophomore, etc.). and on demonstrated need. THe unsubsidized loan is also based on completed credit hours/class year, but is a non-need based program. A completed FAFSA is required.
Subsidized loans have the interest deferred while you are in school and repayment begins six months after you graduate or fall below half-time enrollment. Unsubsidized loans have the same repayment time frames, but the interest starts to accrue at the time of disbursement. Students may choose to pay the interest as they go or have it deferred and rolled into their principal.
Federal Parent Loans (PLUS): amounts vary
Based on credit-worthiness, the Federal Parent loan is a non-need based program. Families can apply for the PLUS with or without a FAFSA on file. If you're an undergraduate student
and dependent on your parents, your parents may qualify for a Federal
PLUS Loan. The PLUS loan
is available without regard to financial need.
Your parents are responsible for repaying the loan; repayment begins
60 days after the loan is fully disbursed.
Alternative loans: amounts vary
A variety of privately funded loans are offered by lenders. |
