FEDERAL PERKINS LOAN

The Perkins Loan is a federally funded low interest loan available to students who demonstrate exceptional financial need.  Award amounts depend on the federal funding level the school receives.  Interest rate in repayment is 5% and no interest accrues while the student is in school at least half time.  Cancellation provisions are available in some situations.  Must file the Free Application for Federal Student Aid (FAFSA) by March 1.   A  Promissory note must be completed prior to disbursement of funds. Exit counseling is required.

FEDERAL DIRECT GRADUATE/PROFESSIONAL LOAN

The Federal Direct Graduate/Professional PLUS Loan is available to graduate and professional students to help meet the cost of their education. Students may borrow up to the cost of attendance minus any financial aid. Students must complete a Free Application for Federal Student Aid (FAFSA).

For approval, the student must complete this application, pass a credit check and be enrolled at least half-time. The interest rate is fixed and will not exceed 8.5%. Interest accrues from the date the loan funds are disbursed until the loan is repaid in full. The first repayment begins sixty (60) days after the final loan disbursement. A borrower may receive a deferment while he or she is enrolled in school on at least a half-time basis. Payments are approximately $60 each month for every $5,000 borrowed. Borrowers can select from a range of flexible repayment plans. For more information, contact the Direct Loan Servicing Center at (800) 848-0979.

FEDERAL DIRECT PARENT LOAN (PLUS)

The Federal Direct Parent Loan (PLUS) program is available to parents of dependent students who are enrolled at least half time.  A WVU Parent PLUS Application must be completed.  A credit check will be performed and it must be determined that the parent has a good credit history.  Eligible parents may borrow up to the cost of attendance minus any financial aid awards.  Repayment begins within 60 days after the final loan disbursement.  The interest rate is fixed at 8.5%.  A 2.5% loan fee will be assessed for each loan borrowed and is retained by the federal government.  A Master Promissory note must be completed prior to disbursement of funds. Student must file the FAFSA.

FEDERAL DIRECT STUDENT LOAN (Subsidized and/or Unsubsidized) 

West Virginia University participates in the Direct Loan Program.  Federal Stafford Loans through banks, credit unions and other lenders are unavailable to WVU Students.  Federal Direct Student Loans are available to students enrolled at least half time.  Direct loans are either subsidized or unsubsidized.  The difference between the subsidized and the unsubsidized loan is that the interest accruing on the unsubsidized loan must be paid while the borrower is in school or deferred and capitalized (added to the principal of the loan).  The federal government pays the interest on the subsidized loan as long as the borrower remains eligible.  The interest rate is fixed at 6.8%.   A 1.5% loan fee is assessed for each loan borrowed and is retained by the federal government.  Entrance and exit counseling is required.  A Master Promissory note must be completed prior to disbursement of funds. Student must file the FAFSA.
 

Award amounts vary depending on grade level. These maximum loan amounts are effective 7/1/07. See chart below: 

GRADE LEVEL	MAXIMUM LOAN AVAILABLE
Freshman	$3,500
Sophomore	$4,500
Junior/Senior	$5,500
Dentistry/Medicine/Graduate Pharmacy/Master of Public Health	$40,500
All other Graduate/Professional	$20,500

In some cases undergraduate students who meet the federal definition of an independent student or dependent students whose parents are denied for the Federal Direct Parent Loan can borrow additional unsubsidized funds.  If you have questions, contact the Financial Aid Office. 

INSTITUTIONAL LOANS

Institutional loans generally are lower interest than a private bank loan.  Institutional moneys are limited and are generally awarded to needy students.  A promissory note must be completed prior to disbursement of funds.  Certain institutional loans require a cosigner. Must file a FAFSA.  Contact the Financial Aid Office for additional information. 

KNIGHT TEMPLAR EDUCATIONAL FOUNDATION

Maximum loans are: $3,000 for one scholastic year; $3,000 per year when two years are required; maximum of $6,000 to any one student.  The interest rate is set at 5%, and charges start the date of graduation or withdrawal.  Loans are repayable on the basis of 10% the first year, 20% the second year, 30% the third year, and 40% the fourth year.  For additional information, write to: Knights Templar Educational Foundation, 5097 N. Elston Ave, Suite 101, Chicago, IL  60630.

OTHER LOAN OPPORTUNITIES

There are several commercial or privately funded loan programs available to students who do not qualify for the federal programs or who need assistance beyond these programs. Typically these are non-subsidized loans with accruing interest but no payment due until after graduation. Loan amounts and interest rates vary with each program.   The government has launched a website that compares private (alternative) loans.  This may be a good reference for students interested in these types of loans.  Check with the Financial Aid Office for additional  information.

EMERGENCY LOAN

The Emergency Loan Fund is just that - a fund reserved for emergencies.  Funds available are very limited and the loans are usually for only small amount (usually $200-$300).  To be eligible, individuals must be enrolled at least half time and in good standing.  The expense for which the loan is needed must be unexpected and school related.  Under normal circumstances, loans will not be made to meet ordinary or routine expenses such as tuition, books, supplies, room & board, immunizations, etc.  Emergency loans must be repaid before the end of semester and most loans are repaid within 30 days of issuance.  Contact the Financial Aid Office for additional information. 

CHARLES H. FEOPPEL EDUCATIONAL LOAN TRUST

The purpose of this loan trust is to provide loans to deserving single boys and girls who are residents of Harrison County, WV, and who have completed high school or its equivalent and who have been accepted and desire to attend a university, college, vocational school or business school in WV.  Financial need is to be the prime determinate in granting loans.  For additional information, contact Huntington National Bank, Private Financial Group/WE3013, PO Box 633, Charleston, WV  25322-0633 / phone: (304) 348-4582.

GIBSON FOUNDATION LOANS

The Gibson Foundation makes about 200 low-interest (2-5%) loans each year to residents of Western PA who have completed at least one full-time year at the college or university from which the BA, BS or graduate degree will be earned.  Applicants must be in good academic standing (2.3 GPA or higher) and their existing educational debt must be within the parameters established by The Gibson Foundation.  Further information can be found by viewing the Education Trust page of the Foundation's website.  Questions regarding these loans may be directed to Lynn S. Dunbar, (412) 261-1611.  email ldunbar@gibson-fnd.org.
 

EDWARD ARTHUR MELLINGER EDUCATIONAL FOUNDATION

The Mellinger Foundation is committed to the support of education, in accordance with the wishes of its founder.  Her goal was to provide an ongoing memorial to her brother, Edward A. Mellinger, who believed that education was of major significance to the progress of human society.  Accordingly, the Foundation devotes a major portion of its resources to providing scholarship and loan assistance to young men and women from western Illinois and eastern Iowa who attend colleges and universities throughout the nation.  For additional information and application, visit their website.

NATIONAL ASSOCIATION OF RESIDENTS AND INTERNS (NARI) UNSECURED LOAN PROGRAM

This is an alternative loan program offered to medical, dental and osteopathic students as well as  interns and residents.  For additional information or to apply online, visit their website at http://www.nari-assn.com/loans.html.  Questions regarding the program may be directed to NARI at (800)221-2168 ext 5.

P.E.O EDUCATIONAL LOAN FUND (ELF)

ELF is a revolving loan fund established in 1907 to lend money to worthy women students to assist them in securing a higher education.  Visit their website for additional information and application.

THE NORMAN W. SMITH EDUCATIONAL LOAN TRUST

The purpose of the "Norman W. Smith Educational Loan Trust" is to provide loans to students of Berkely County, WV who are pursuing a minimum of a B.S. degree in the field of ministry or medicine (including nursing, pharmacy and dentistry).  While priority will be given to Berkeley County, Morgan and Jefferson Counties can also be considered if resources permit. Loans are awarded on a semester basis by a selection committee consisting of four residents of Berkely County.  Members are from the Berkeley County Medical Society, Berkeley County Board of Education, Berkeley County Ministerial Assoc. and Shepherd College.  Completed applications must be received for the fall semester by April 15th and the spring semester by September 15th.  Applications may be obtained in the HSC Financial Aid Office, or by calling the Trust Department of Huntington National Bank (304) 348-4582.

WOODROW WOODS EDUCATION LOAN

The Woodrow Woods Education offers 4% low-interest loans to eligible students. Recipients must be residents of Harrison County, unmarried and must have completed high school or possess an equivalent certification. Applications must be postmarked by May 30th and are available at the HSC Financial Aid Office.
 
 

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