Loans

Another form of financial assistance is student loans.

If you qualify for need-based financial aid, it’s likely that your package will include student loans. These loans do not have to be repaid until after you graduate, and they frequently have a maximum aggregate amount.

What loans are available to me?

Our Financial Aid Office will provide complete details on each type of loan listed below if it is awarded.

Federal Perkins Loans

  • Low interest, long term loan program for students with exceptional financial need
  • Maximum loan up to $4,000 annually, depending on funding availability; average Perkins Loans at Rhodes are $1,500–$3,000 annually
  • First-time borrowers are required to complete loan counseling
  • Recipients are required to sign a promissory note  (PDF) outlining repayment conditions
  • Payment begins nine months after you cease to be at least a half-time student, with or without diploma

FFELP Loans for Students and Parents

The Federal Family Educational Loan Program (FFELP) allows students and parents to borrow college funds from participating commercial lenders with Rhodes acting as certifier and monitor of student eligibility.  Interest rates are variable and the lenders may charge fees for loan origination, insurance and guarantees. There are two FFELP loan programs:  

Federal Stafford Loan

  • The student is the borrower
  • A completed, valid FAFSA is required
  • Interest rate is fixed at 6.8%
  • There is an aggregate undergraduate limit of $23,000 with annual loan limits of:
    Freshmen (0–27 hours) = $3,500 beginning July 1, 2007
    Sophomore (27–54 hours) = $4,500 beginning July 1, 2007
    Juniors/Seniors (55+ hours) = $5,500
  • First time borrowers are required to complete loan counseling
  • The Stafford Lender List for Rhodes will walk you through the online application process (NOTE*** We are currently evaluating and selecting our lenders for the 2008-2009 academic year. Please check back for an active link after June 1.)

Parent Loans for Undergraduate Students (PLUS) Program

  • The parent is the borrower
  • A credit check is required
  • Interest rate is fixed at 8.5%
  • The maximum eligible loan amount is determined by Rhodes according to the formula:
    Estimated cost of attendance less estimated financial aid from all other sources
  • The PLUS Lender List for Rhodes will walk you through the online application process (NOTE*** We are currently evaluating and selecting our lenders for the 2008-2009 academic year. Please check back for an active link after June 1.)
Student Loan of the Presbyterian Church (U.S.A.)
  • Up to $1,000 annually may be borrowed from the Student Loan Fund administered by the General Mission Board on behalf of the Presbyterian Church (U.S.A.)
  • You must have been a continuous member of the denomination for at least one year immediately preceding the date of application.
  • Evidence of financial need is required.
  • All communications regarding student loans should be addressed to:

Print
Related Websites:

NEWS ABOUT OUR ONLINE LENDER LIST FOR 2008-2009

We are currently evaluating and selecting our lenders for the 2008-2009 academic year. Please check back for an active link after June 1.)


Faces of Rhodes