Undergraduate - Undergrad Loans

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Federal Student Loans

  • Deferred while the student is in school.
  • Origination fee is 1.069% of the principal loan amount.
  • Fixed-variable interest rate is 3.76% for undergraduate student loans disbursed after July 1, 2016.
  • No interest is charged on Subsidized loans while you're in school at least half-time and during deferment periods.
  • Direct Unsubsidized Loans - not based on need but on enrollment and the budget set for classes. Interest accrues (accumulates) on an unsubsidized loan from the time it's first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
  • Complete your Entrance Counseling and Master Promissory Note at:  www.studentloans.gov

Federal Parent PLUS Loan

  • Fixed interest rate of 6.31% for all Parent PLUS Loans disbursed after July 1, 2016. 
  • Origination fee is 4.276% 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
  • Complete your annual Parent Plus Loan Request at:  www.studentloans.gov
  • Complete your Master Promissory Note at:  www.studentloans.gov

Federal Perkins Loan

  • As a result of Congressional action, the authority for colleges to make Federal Perkins Loans ended on September 30, 2015.
  • Beginning with the 2016-17 academic year, no new Federal Perkins Loans will be made to Greenville College students.
  • A narrow “grandfathering” provision exists to allow additional Federal Perkins Loans to students who had received the loan for award years that end prior to October 1, 2015, in order to allow such students to continue or complete their courses of study. Loans may be made under the grandfathering provision on a limited basis.

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.

 

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