Loans

Loans

Federal Student Loan

  • Deferred while the student is in school
  • Fixed Interest Rate of 3.4% for Undergraduate Subsidized loans and 6.8% for Undergraduate Unsubsidized loans, Graduate Subsidized loans, and Graduate Unsubsidized loans
  • Subsidized (interest paid by the government while the student is in school) or Unsubsidized (interest accruing while the student is in school) eligibility is determined by the FAFSA calculation
  • Origination fees are 1% of the principal loan amount
  • Repayment begins when the borrower graduates or drops below half-time status. They have a six-month grace period before starting repayment.
  • Apply

Federal Parent PLUS Loan

  • Fixed Interest Rate of 7.9%
  • Fees are 4% of the principal loan amount.
  • Repayment begins when the loan is fully disbursed for the year but the borrower can apply to have the repayment deferred while in school and throughout the six month grace period.
  • Apply

Federal Perkins Loan

  • A long-term loan awarded to students with exceptional financial need. Funds are limited and awarded on availability basis. Priority consideration is March 15.
  • Interest rate - 5% during repayment period
  • No upfront fees
  • Repayment begins when the borrower graduates or drops below half-time status. Students have a nine-month grace period before starting repayment.
  • There are options for students to get some or all of their Perkins loans canceled based on their occupation after graduation. Here is the List of Eligible Occupations.

Alternative Loans

  • Sterling College encourages all students to take advantage of institutional, state and federal aid before considering alternative loans.
  • Credit-based student loans taken out through a Bank or Lending institution.
  • Co-signer's are required depending on the student's credit.
  • Interest rates are variable and depend on the borrower or cosigner's credit.
  • Some lenders will defer repayment until after borrower graduates or drops below half-time.
  • Historical lender list (coming soon)

Loan History

Loan Forgiveness

Borrowers' Rights and Responsibilities

Student Loan Code of Conduct

For more information about loans, contact our Financial Aid office.