Loans

Students in classroom
You may find that you need to borrow money to pay for your college education. The lender and the terms of the student loan have an impact on you after graduation. Taking time to do up-front research, to compare student loan options, and to make smart borrowing decisions can save money and prevent future frustrations. Below is useful information to help determine which loan is right for you.

Federal Subsidized Stafford Loan

  • Who's eligible? Qualified undergraduate students may receive low-interest Federal loans.
  • Repayment terms: Repayment is deferred until six months after graduation, withdrawal or if you drop below half-time status. The loan must be repaid within 10 years at payments of no less than $50 per month.
  • Interest rate: Fixed interest rate of 3.86%.
  • How much? Loan amounts are up to $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors.

Federal Unsubsidized Stafford Loan

  • Who's eligible? Qualified undergraduate students may receive Federal loans with the same terms and conditions as the Subsidized Stafford Loans, except that interest accrues during school years. Available if you do not qualify for the Subsidized Stafford Loan or if you are not eligible for the full Subsidized Stafford Loan amount.
  • Repayment terms: Repayment is deferred until six months after graduation, withdrawal or if you drop below half-time status.  Loan must be repaid within 10 years at payments of no less than $50 per month.
  • Interest rate: Fixed interest rate of 3.86%.
  • How much? Loan amount of $2,000 awarded to all students per year and up to $3,500 for freshman, $4,500 for sophomores and $5,500 for juniors and seniors. Independent* freshmen or sophomores may borrow an additional $4,000 above regular Stafford limits, and independent* juniors and seniors may borrow an additional $5,000 above regular Stafford limits. If your parents have been denied a PLUS loan you will be eligible to receive a supplemental Unsubsidized Stafford Loan of $4,000 in your freshman and sophomore years and $5,000 in your junior and senior years.
*See FAFSA guidelines for what qualifies as "independent" status.

Federal Parent Loan for Undergraduate Students (PLUS) Loan

  • Who's eligible? Parents of dependent students may borrow through this loan program.
  • Repayment terms: Repayment usually begins within 60 days of second disbursement or payments may be deferred.
  • Interest rate: Fixed interest rate of 6.41%.
  • How much? Loan amounts vary and cannot exceed the cost of attendance minus other financial aid received.

Federal Perkins Loan

  • Who's eligible? Undergraduate students with exceptional financial need can be awarded a low-interest Federal loan.
  • Repayment terms: Repayment begins nine months after graduation, withdrawal or if you drop below half-time status.
  • Interest rate: 5%.
  • How much? Up to $2,000 per year.

Private Loans

Private student loans are offered by banks or lending institutions to help your and your parents bridge the gap between the cost of education and the amount of financial aid received. These are private supplemental loans that are NOT guaranteed by the Federal government. Terms and conditions can vary according to specific lender guidelines. Please refer to the Private Student Loans flyer for more information.

Payment Plan

Visit the ECSI website for more information on how to make affordable tuition payments at www.ECSI.net.

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