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Loans

Graceland offers a number of federal loans. Some are based upon financial need as defined by the U.S. Department of Education, and other loans are available without a demonstrated need.

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Borrow responsibly

Your financial offer will indicate the maximum amount of federal student loans you may borrow. You are not required to borrow the entire amount of student loans awarded. Borrow only what you need.

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The William D. Ford Direct Loan Program allows students to borrow low-interest loans from the Department of Education. Dependent students may borrow up to $3,500 a year as first-year students, $4,500 as sophomores, and $5,500 as juniors and seniors. These loans may be subsidized or unsubsidized depending on the applicant’s financial need. Independent students may have expanded borrowing capabilities. Students must file a FAFSA to determine their loan eligibility. Interest is at a fixed rate not to exceed 8.25 percent. A six-month grace period occurs after the loan recipient ceases to be enrolled at least half-time before repayment begins.

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The Federal Ford Direct Parent Loan for Students (PLUS Loan) provides funding for parents of dependent students. Parents may borrow the difference between the student’s cost of education and all other financial assistance. A FAFSA application is not required for the PLUS. Payment and interest charges begin within 60 days after the full amount borrowed has been disbursed. The interest rate is variable and is adjusted each year on July 1 but will never be higher than nine percent. Payments may be deferred until six months after the student is no longer full time.

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In order to obtain these loans, certain steps must be followed.

To receive the subsidized and/or unsubsidized loans,

Upon graduation or withdrawal from school, students will need to complete exit counseling. For Direct Loans, this can be completed online at exit counseling.

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Find ways to reduce your need for a loan.

While student loans are a means to pay for an education, they must be repaid with interest. you can reduce your need for student loans by:

  • Seeking out and using grants, scholarships and other sources of aid first. Student loans should be borrowed only after you’ve exhausted all other financial aid funding options.
  • Avoid excessive incidental charges.
  • Working on or off campus to earn money for college and living costs.

Use student loans for education costs only.

Every dollar you borrow now must be repaid later with interest and other fees. Utilize student loans for educational expenses only, not to support a lifestyle.

Graduate with as little debt as possible.

If you decide you need student loans to pay for some or all of your education, borrow only what you need. Student loans can help pay for your education, but debt will impact your budget and lifestyle after college.

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