Federal Perkins Loan
If a student is eligible for the Federal Perkins Loan, it will be included
and offered as part of their overall financial aid award package.
The Federal Perkins Loan Master Promissory
Note will be pre-printed and provided directly to each student who
qualifies. The amount offered will depend on the financial need of the
student and the availability of funds in the revolving loan fund.
The interest rate is a fixed rate of 5%.
Payments are deferred as long as a student remains enrolled at least
half-time (6 credit hours). Students can take up to 10 years to repay
their loans back to Monmouth College.
Federal Stafford Loan
Students who file the Free Application for Federal Student Aid (FAFSA) are
eligible to borrow through the Stafford Loan program. Your grade level in
college will help us to determine the amount you are eligible to borrow.
Depending on your financial need and the
total amount of your other assistance, we will determine if you qualify
for a Subsidized or Unsubsidized loan.
If you intend to apply on paper rather
than online, then completion of the Internal Loan Application and the
Master Promissory Note (MPN) for the Federal Stafford Loan are required.
If you choose to apply online, then the Internal Loan Application is not
necessary, but you will still be required to complete a MPN.
2007 Forms
Federal Parent Loan (PLUS)
Parents of students who have filed the Free Application for Federal
Student Aid (FAFSA) are eligible to borrow through the PLUS Loan program.
You may borrow enough to cover your educational costs.
The maximum amount you may borrow is
determined by the school and depends on the total amount of other
assistance you receive. If you intend to apply on paper rather than
online, then completion of the Internal Loan Application and the Master
Promissory Note for the Federal Stafford Loan are required. If you choose
to apply online, then the Internal Loan Application is not necessary, but
you will still be required to complete a MPN.
2007 Forms
If you intend to pursue a Federal Stafford Loan
and/or a Federal Parent PLUS Loan, we encourage you to do your homework
and consider a number of lenders before deciding on one. Although the
Federal Department of Education determines the interest rate on both of
these types of loans, differences occur in the fees charged at the
guarantee agencies or in the borrower benefits offered by individual
lenders. Please note: borrower benefits can change from time to time
without warning.
We will process a loan through whichever lender,
servicer and guarantee agency you choose. Below is a list of lenders
that we have the most experience with. In the past, they have offered
our students and their family great customer service and borrower
benefits and therefore have received the bulk of our student loan
volume. We have listed a variety of lenders from a variety of locations
in an attempt to provide our students from across the country with a
list of names that may sound familiar to you or that you may already do
business with. There is no benefit to the college or to college staff
members if you select one of these lenders over another of your own
choosing. Your reasons for selecting a particular lender should benefit
you, the borrower.
Unless you request differently, we will utilize
the Illinois Student Assistance Commission as the guarantee agency for
our loan portfolio. If you have any questions, please feel free to
contact us directly.
Private/Alternative Loans
These types of loans are not part of the Federal Loan programs but are
available to students who wish to borrow through a private source. We
would strongly encourage all students to take advantage of the Federal
Loan programs prior to pursuing a private/alternative loan.
The interest rates, terms and fees vary
greatly among the private loans and often are determined by your credit
rating and whether or not you have a co-signor. Below are websites for a
few of the private lenders that we have the most experience with.
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