Teaching Partnership - Teaching Partnerships Loans

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Federal Student Loans

  • Deferred while the student is in school.
  • The origination fee changes every Oct. 1st, and is now 1.066%.
  • 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.
  • The origination fee changes every Oct. 1st, and is now 1.066%.
  • A six-month grace period begins when the student graduates or drops below half-time status. Half-time is 6 credit hours.
  • Repayment of principal & interest begins at the end of the six-month grace period.
  • Complete your Entrance Counseling and Master Promissory Note at:  https://studentloans.gov

Federal Parent PLUS Loan

  • Fixed interest rate of 7% for all Parent PLUS Loans disbursed after July 1, 2017. 
  • The origination fee changes every Oct. 1st, and is now 4.264%.
  • 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
  • Complete your annual Parent Plus Loan Request at:  https://studentloans.gov
  • Complete your Master Promissory Note at:  https://studentloans.gov

Alternative Loans

  • Credit-based student loan taken out through a Bank or Lending Institution (non federal).
  • A credit-worthy cosigner is required for a dependent student. For independent students, a cosigner may be required depending on the student's credit rating.
  • Interest rates are variable and depend on the borrower's or cosigner's credit.
  • Repayment of the principal balance is deferred until the student graduates or drops below half-time. Some lenders will offer a six-month grace period.
  • List of available Alternative Loans.

Final Semester Loan Proration

  • Graduating Seniors who are enrolled Full-Time for one semester may qualify for a Final or Single Semester Loan proration. (i.e. enrolled in Summer semester with a Summer Graduations or enrolled Fall semester with a December/Winter Graduation)
  • Students will be awarded the Final Semester Loan Proration through request only, by contacting the Financial Aid office.
  • The prorated loan amount received is not a full year’s loan in a single semester. The single semester loan amount will be calculated based on the number of credit hours enrolled, and the students Federal Direct Subsidized and/or Unsubsidized annual loan limits.
  • This policy does not apply to Parent PLUS Loan.

 

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