Stafford Loan
The Federal Stafford loan is a fixed, low interest (6.8%) loan for students. Stafford loans are either subsidized or unsubsidized. A subsidized loan is awarded on the basis of financial need so you will not be charged any interest before you begin repayment or during authorized deferment periods. The federal government “subsidizes” the interest during these periods. 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. There is a 6-month grace period when you leave school. No co-signer or credit check is required for a Stafford loan.
Parent PLUS Loan
A Federal PLUS (Parent Loan for Undergraduate Students) Loan is a government-sponsored loan for parents of dependent undergraduate students. Note to all parents: If you are denied a PLUS loan, your student may be eligible for additional Unsubsidized Stafford Loan funds.
Alternative Loan
Alternative Loans are for those who need additional funds after obtaining financial aid through scholarships, grants, and federal loan programs or for those who have exhausted their Stafford loan eligibility. Alternative loans are not part of federal programs, therefore, loan terms and limits vary substantially by program and lender. They are based on creditworthiness and may require a co-signer.
Graduate PLUS Loan
A Graduate PLUS loan is a way for graduate students to fill the gap between financial aid and school costs. There are no payments while you attend school at least half-time.
Perkins Loan
Perkins is a low-interest loan available to degree-seeking. Currently at 5 percent interest, the loan is repaid starting nine months after the student graduates, leaves school or drops below half time. Eligible students must be admitted and enrolled at least half time. This loan program is administered by Carlow University in accordance with guidelines established by the U.S. Department of Education. To apply for the Federal Perkins Loan, students must complete the FAFSA and submit any documents that may be requested by the Financial Aid Office.
Nursing Loan
Funded by the U.S. Department of Health and Human Services, this program is intended to assist students achieve careers in nursing. Currently at 5 percent interest, this loan is awarded to nursing students enrolled at least halftime who demonstrate financial need. The loan is repaid starting nine months after the student graduates, leaves school, drops below half time, or changes from Nursing to another major. To apply for a Nursing Loan, students must complete the FAFSA and submit any documents that may be requested by the Financial Aid Office.
If you have any questions, please contact the Financial Aid Office at:
Carlow University
Financial Aid Office
Antonian Hall Annex
Phone: 412-578-6058
E-mail: finaid@carlow.edu
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