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Federal Perkins Loan
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Awarded to students with exceptional financial
need. Interest rate is five percent. Interest and repayment are
deferred until six months after a student ceases to be enrolled
at least half-time.
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Range from
$500 to $3,000.
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Free Application for Federal Student Aid (FAFSA)
.
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Federal Stafford Loan
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Federal Stafford Loans are either subsidized
or unsubsidized. A subsidized loan is awarded on the basis of need.
The federal government pays all interest on the loan until the student
enters repayment. An unsubsidized loan is not based on financial
need. The student is responsible for all interest associated with
the loan. Repayment for the Federal Stafford Loan begins six months
after the student is no longer enrolled at least half-time. Interest
is fixed at 6.8 percent.
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$3,500 for freshmen
$4,500 for sophomores
$5,500 for juniors
$5,500 for seniors
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Free Application for Federal Student Aid (FAFSA).
First time borrowers will need to choose a lender. Click here to
access our lender and loan comparison website.
(Note: You are welcome to use any lender of your choosing and are
not limited to this list.)
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Federal
PLUS Loan
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PLUS loans enable parents with good credit histories
to borrow to pay the educational expenses of their dependent children.
The interest rate is fixed at 8.5 percent. Generally, repayment
begins 60 days after the loan is disbursed.
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Up to the student's cost of education, less any
other financial aid received.
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Contact the Office
of Financial Aid, or download the Parent
Borrower Form. Parents will need to contact their lender
directly for credit pre-approval before Willamette can certify their
loan eligibility.
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