Loans are sources of funding that allow students to spread the cost of education over time. Loans must be paid back, even if the student does not complete his/her 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.
- Federal Subsidized Direct Loans: Recipients must demonstrate need as determined by information provided on the FAFSA. No interest is paid on this loan as long as the student is enrolled at least half-time. Freshmen may borrow up to $3,500, sophomores may borrow up to $4,500, and juniors and seniors may borrow up to $5,500 per academic year.
- Federal Unsubsidized Direct Loans: This federal loan is not need-based. The interest on this loan accumulates while the student is enrolled. Dependent students may borrow up to $2,000 annually. Independent students may borrow up to $6,000 per academic year. Federal loan regulations permit a student to borrow an additional $2,000 in unsubsidized loans each year if their parent is denied a Parent PLUS Loan.
- United Methodist Student Loans: This fund has been established by the United Methodist Church and offers loans to Methodist students. The applicant must be enrolled full-time and maintain at least a "C" average. Students may borrow a maximum of $5,000 per calendar year.
- Federal Direct (Parent) PLUS Loans: These loans are made to credit-worthy parents of eligible dependent students. PLUS Loans are not need-based. Applications are available in the Office of Financial Assistance and Planning or online. Parents are required to sign in with their FSA ID username and password (the same login used for FAFSA). Borrowers must begin repaying principal and interest within 60 days after the final loan disbursement of the student's annual period of enrollment.
Student Access Loan (SAL) Program: The SAL is a need-based loan offered by the Georgia Student Finance Authority (GSFA). It is a 1 percent fixed-rate loan designed to assist undergraduate students who have a gap in meeting their educational costs. Please visit their website at GAfutures.org for more information and to submit an application.
For more information, contact the Office of Financial Assistance and Planning.