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Loans include funds for school that MUST be repaid. The following loans are available for Central Penn students.
Federal Stafford Student Loan
Students have an opportunity to take out a loan in their name with no co-signers or credit check required. Central Penn has created a preferred list of lenders who provide discounted Federal Stafford Loans.
Eligibility Requirements:
- Must be a U.S. citizen or permanent resident
- Must be at least half-time
- Must be degree seeking
Amount:
- Dependent /Independent
- 0 to 35 credits (first year student) $3,500/$7,500
- 36 to 71 credits (second year student) $4,500/$8,500
- 72 to 107 credits (third year student) $5,500/$10,500
- 108+ credits (fourth year student) amount is determined by number of credits
Repayment:
- First payment due 6 months after graduation or withdrawal or less than ½ time status
- Variable interest rate with 8.25% maximum (current fixed rate is 6.8%)
- Up to 10 years for repayment
Application Procedure:
- Must complete Free Application for Federal Student Aid (FAFSA)
- Must complete Central Penn Financial Aid Form
- Must complete Federal Stafford Loan Master Promissory Note
- Complete Entrance Interview Counseling session
Deadline:
- No specific deadline
Requirements for maintaining eligibility:
- Student must comply with our Financial Aid Academic Progress Policy
- Must successfully complete 36 credits per year to be considered at next academic level
- Remain enrolled in classes
Website:
Federal Parent Loan for Undergraduate Students (PLUS) Loan
This loan is for parents who want to borrow funds to help pay for their student's education. Parent must demonstrate credit worthiness for this program. Central Penn's Financial Aid Office can do a PLUS pre-screening over the phone to see if a parent qualifies. If PLUS Loan is denied, the student may borrow up to an additional $4,000 on their Stafford Loan. Please call today!
Eligibility Requirements:
- Parent must be a U.S. citizen or permanent resident
- Parent is the borrower
- Parent must be credit-worthy
- Student must be at least half-time
- Student must be degree seeking
Amount:
- May borrow difference between cost and other financial aid awards
Repayment:
- First payment begins 60 days after final disbursement of the loan
- Certain lenders allow you to defer until the student is out of school, contact the Financial Aid Office for more information
- Up to 10 years to repay
- Variable interest rate up to 9% (current fixed rate is 8.5%)
Application Procedure:
- Complete Federal PLUS Loan Application online at www.aessuccess.org
- Encouraged to complete Free Application for Federal Student Aid (FAFSA)
- Encouraged to complete Central Penn Financial Aid Form
- Student is encouraged to complete Federal Stafford Loan Master Promissory Note
Deadline:
- No specific deadline, encouraged to complete 60 days prior to tuition bill
Requirements for maintaining eligibility:
- Student must comply with our Financial Aid Academic Progress Policy
- Student must remain enrolled in classes at least a half-time status
Website:
Private Loans and Other Services
Private/Alternative Loans are designed to help families bridge the gap between direct costs and the financial aid received. Central Penn has agreements with several private loan lenders. The loans vary in interest rates, repayments and conditions. In general, repayment begins at least six months after the student graduates or drops below half-time. The student is usually the borrower. A credit-worthy co-signer may be required. Below is a list of our private loan lenders:
Key Alternative Loan
- http://www.key.com/alternative
- click on "Apply Online"
Campus Door
- http://www.campusdoor.co/studentloans
- fill out "apply online" information
Sallie Mae (Signature Loan)
- Click here for access!
- click on "Ready to Apply?"
For additional information on loans, contact Central Penn's Financial Aid Office at financial-aid@centralpenn.edu or call 1-800-759-2727.
