Loans are sources of funding that allow students to spread the cost of education over time. Loans must be repaid even if student does not complete their education. Students apply for low-interest Federal Direct Loans by completing the Free Application for Federal Student Aid (FAFSA) and must be enrolled at least half-time (6 credit hours) to qualify. For more information on Federal student loans, visit https://studentaid.gov/understand-aid/types/loans.
- Federal Subsidized Stafford Loans are low-interest loans offered the federal government. Recipients must demonstrate financial need as determined by information provided on the FAFSA. No interest is paid on this loan as long as the student is continuously enrolled at least half-time. Freshmen may borrow up to $3,500 per academic year; sophomores may borrow up to $4,500 per academic year; upperclassmen may borrow up to $5,500 per academic year. Further details may be obtained from the Financial Aid Office.
- Federal Unsubsidized Stafford Loan: This is not a need-based loan. Recipients must be enrolled at least half-time and must file the FAFSA to be eligible for this loan. The interest on this loan begins to accumulate once the loan funds are received. Further details are available from the Financial Aid Office.
- United Methodist Student Loan: This fund, established by The United Methodist Church, offers loans to United Methodist students. This is not a need-based loan. The applicant must be enrolled full-time and maintain at least a “C” average. Students may borrow a maximum of $5,000 per academic year. Applications may be completed on the General Board of Higher Education and Ministry’s website, https://www.gbhem.org/loans-scholarships/.
- Federal Parent PLUS Loans are available to credit-worthy parents of eligible dependent students. PLUS Loans are not based on financial need. Applications may be completed online at https://studentaid.gov/. Borrowers must begin repaying principal and interest within 60 days after the final loan disbursement of their annual period of enrollment. Further details may be obtained from the Financial Aid Office.
- Student Access Loan (SAL) Program: The SAL is a need-based loan offered by the Georgia Student Finance Authority (GSFA). It is a 1% fixed-rate loan designed to assist undergraduate students who have a gap in meeting their educational costs. Please visit GAfutures.org for more information and to submit an application.
For more information, contact the Office of Financial Assistance and Planning.