Types of federal loans :
Perkins Loan- need based, amount determined by school.
Subsidized Loan- need based.
Unsubsidized Loan-need is not considered .
- Freshman $5,500 Max ($3,500 Max Subsidized)
- Sophomore $6,500 Max ($4,500 max subsidized)
- Junior & Seniors $7,500 Max ($5,500 max Subsidized)
PLUS Loan-For parent or graduate student *CREDIT QUALIFYING- Apply no earlier than 90 days prior to the start of the semester.
-Information regarding federal loans, including current interest rates, can be found at www.studentaid.ed.gov/types/loans/interest-rates
-The FAFSA is your application for the Federal Perkins and Federal Direct Subsidized/Unsubsidized Loans. All borrowers must complete a Master Promissory Note and Loan Entrance Counseling.
-Applications for GRAD PLUS or PARENT PLUS can be completed at www.studentloans.gov. All Borrowers must complete a Master Promissory Note. Graduate students must also complete PLUS loan entrance counseling.
-Undergraduate students must be enrolled at least half-time to be eligible for federal loans, and are subject to the following lifetime limits: $31,000 in total loans for dependent students and $57,500 for independent students, of which no more than $23000 may be subsidized.
- Loan funds will disburse directly to Roberts Wesleyan College and be applied to the Student Account.