Emory & Henry College: Loans

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Financial Aid - Loans

To qualify for federal grants and/or low-interest federal loans, you must complete a Free Application for Federal Student Aid (FAFSA). Emory & Henry's need-based resources are awarded based on information received on the FAFSA. Emory & Henry's code is 003709.

Federal Perkins Loan
A Federal Perkins Loan is a low-interest (five percent) loan for both undergraduate and graduate students with financial need. Your school is your lender. The loan is made with government funds, and your school contributes a share. You must repay this loan to your school.

Depending on when you apply, your level of need, and the school's funding level, you can borrow up to:

$4,000 for each year of undergraduate study (the total amount you can borrow as an undergraduate $20,000).
$6,000 for each year of graduate or professional study (the total amount you can borrow as a graduate/professional student is $40,000, including any Federal Perkins Loans you borrowed as an undergraduate).

All first-time borrowers and transfers are required to complete the Perkins Loan entrance counseling. The school will be notified upon your completion. The following steps are required to complete loan counseling:

Go to http://mapping-your-future.org/
Select "Student Loan Counseling Interview"
Select "Perkins Loan Entrance Counseling" and complete steps 1 - 5

Low interest loans

Loans are awarded to students and their families on the basis of financial need and must begin to be repaid while the student is enrolled in college or shortly after graduation.

Subsidized Federal Stafford Loan
Based on financial need as demonstrated by the FAFSA. Government pays interest while student is enrolled. Repayment begins within six months of graduation or withdrawal from the college. The student must be enrolled at least half-time. Fixed interest rate of 6.8%. If you are a dependent undergraduate student you can borrow annually up to:

Beginning in 2007-2008

$3,500 if you are a first-year student enrolled in a program of study that is at least a full academic year.
$4,500 if you completed your first year of study and the remainder of your program is at least a full academic year.
$5,500 if you have completed two years of study and remainder of your program is at least a full academic year.

Unsubsidized Federal Stafford Loan
An unsubsidized loan is not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accrue (accumulate) while you are in school or during other periods of nonpayment, it will be capitalized-that is, the interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount. Repayment begins within six months after graduation or withdrawal from the college. An unsubsidized Federal Stafford Loan has the same interest rates and available loan amounts as the subsidized Federal Stafford Loan.

Click here to apply for a Stafford Loan

Federal PLUS Loan
Available to parents as a supplement to other financial aid sources. The yearly limit on a PLUS Loan is equal to your cost of attendance minus any other financial aid you receive. For example, if your cost of attendance is $6,000 and you receive $4,000 in other financial aid, your parents could borrow up to-but no more than-$2,000. Fixed 8.5 %interest rate. Repayment begins 60 days after loan is fully disbursed. There is no grace period for these loans. This means interest begins to accumulate at the time the first disbursement is made. Your parents must begin repaying both principal and interest while you're in school.

Click here to apply for a parent PLUS loan

To find out more about different federal financial aid options visit http://studentaid.ed.gov/PORTALSWebApp/students/english/funding.jsp?tab=funding. The site is produced by the U.S. Department of Education and is an excellent source regarding federal financial aid.