Federal Perkins Loan
Full-time students who demonstrate need are eligible. The amount varies according to unmet financial need and available funds. Repayment, which includes a 5% fixed interest rate, begins nine months after the student graduates from Lafayette or from graduate school, or completes military service.
These loans must be accepted or declined by logging on to your Banner Self-Service account.
Federal Direct Student Loans (Subsidized and Unsubsidized)
Federal Direct Student Loans are used by many students to help finance their education. Students must file the FAFSA and be enrolled at least half time in a degree-seeking program to be eligible. Renewal borrowers must also meet satisfactory academic progress standards.
Eligibility for the subsidized portion is based on the verified Expected Family Contribution (EFC) from the FAFSA, college costs for the year, and all other sources of aid. A subsidized loan will not accrue interest while the student is in school.
Students who do not qualify for the subsidized portion may still apply and borrow under the unsubsidized program. Interest accrues from the time the loan is disbursed. Students qualifying for the subsidized loan may also borrow through the additional unsubsidized eligibility.
A 1% fee will be proportionately deducted by the government from each loan disbursement. Repayment begins six months after the student graduates or ceases to be enrolled at least half time.
The annual loan amounts for dependent undergraduate students are indicated below. Students must maintain satisfactory academic progress.
|Dependent Student Federal Direct Loan Limits||Base Eligibility||Additional Unsubsidized Eligibility||Total Student Loan Eligibility||Additional Unsubsidized Loan*|
|Junior & Senior||$5,500||$2,000||$7,500||$5,000|
The interest rates for subsidized Direct Student Loans:
|First disbursement of a loan||Interest rate on the unpaid balance|
|Made on or after||And made before|
|July 1, 2012||July 1, 2013||3.4%|
This rate does not affect any prior loans made to borrowers
Interest rate for unsubsidized Direct Student Loans is 6.8% fixed.
HOW TO APPLY FOR A DIRECT STUDENT LOAN
A FAFSA must be completed
- Log on to your Banner Self-Service account and accept or decline all or part the Direct Loan funds that have been offered in your financial aid award.
- On or after April 1, go to StudentLoans.gov and complete Entrance Counseling (this provides information about your rights and responsibilities as a borrower) and the Master Promissory Note.
Log on to your Banner Self-Service account and accept or decline all or part of the Direct Loan funds that have been offered in your financial aid award.
If you are not applying for need based aid but wish to apply for loan assistance you must file the FAFSA and contact the loan coordinator at email@example.com or call 610-330-5057.
Loan proceeds are received by the College and applied to the student’s account in two disbursements, one each semester. If a credit balance results after applying the loan to the student’s account, the excess will be refunded to the student by the controller’s office within two weeks of the disbursement.
Repayment of the loan begins six months after the student leaves Lafayette College, graduates, or ceases to be enrolled at least half time. The six-month period between graduation and repayment is considered the grace period. You Can Deal With It provides calculators to help project your monthly repayment at various interest rates.
Students who have borrowed through the Federal Student Loan programs are required to complete exit counseling if they are no longer enrolled at least half time. Lafayette College will be notified electronically when this requirement has been completed.
For loan-related questions, please contact us at firstname.lastname@example.org or (610) 330-5057.
Office of Financial AidLafayette College
107 Markle Hall
Easton, PA 18042
Fax: (610) 330-5758
Please include student's full name and Lafayette ID number with your inquiry.
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