Financial Aid Options
Federal Perkins Loan A Federal Perkins Loan is awarded to students with need as determined by the U.S. Department of Education's standard formula. Repayment of these loans begins nine months after a student drops to less than half time. These loans are based on 5% simple interest with a repayment term of ten years. The school is the lender. This loan is made with funds allotted from the federal government with a share contributed by the school. There are cancellation options for certain occupational fields. Federal Stafford Subsidized Loan Federal Stafford Subsidized loans are based on need as determined by the U.S. Department of Education's standard formula. The funds for these loans are obtained from a bank, credit union or other lender that participates in the federal loan program. The federal government pays the interest on the student's behalf while they are in school on at least a half time basis, during the grace period and any authorized deferment periods. The grace period is the 6 month period of time from when a borrower drops to less than half time (6 credit hours), to when repayment begins. Borrowers have up to ten years in which to repay these loans. Juniors and seniors may borrow up to $5,500 per academic year if they qualify and have not reached their aggregate loan limit. Federal Stafford Unsubsidized Loan Federal Unsubsidized Stafford loans are available to students who do not qualify for all or part of the Subsidized Stafford Loans. The terms of these loans are the same as the subsidized except that the government does not pay the interest on behalf of the borrower at any time. The student is responsible for paying the interest from the time the loan is disbursed. The interest payment can be paid monthly, quarterly, or the borrower may request to have the interest accrue and capitalized. Independent students can possibly qualify for an additional $5,000 in the Unsubsidized Stafford Loan Program. Federal Parent Loan for Undergraduate Students (PLUS) Federal Parent Loans are available for parents of undergraduate dependent students. These loans would allow parents to borrow up to the cost of attendance minus financial aid from other sources. Repayment begins within 60 days and borrowers have ten years to repay the loan. These loans are obtained from private lending institutions that participate in the PLUS program and are not need based. Federal Nursing Loan Nursing loans are awarded to students with need. Repayment of these loans begins nine months after a student drops to less than half-time. These loans are based on 5% simple interest with a repayment term of ten years. Institutional Loan Funds Saint Luke's College institutional loan funds are loaned (as availability of funds allows) to students with need as determined by the U.S. Department of Education's standard formula. These loans are based on 6% simple interest. Repayment begins 60 days after a student ceases to be enrolled at Saint Luke's College. Auxiliary Nursing Loan SLH Auxiliary Nursing Loan