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. All federal loan programs require the student to have a complete, valid FAFSA application on file.
Federal Loans for Students and Parents
The William D. Ford Direct Loan program (DL) allows students and parents to borrow college funds from the U. S. Treasury with Rhodes acting as the monitor of student eligibility. Interest rates vary based on eligibility and loan program and loan origination fees do apply. There are two DL programs: Federal Direct Loan and Federal Direct Parent Loan for Undergraduate Students (PLUS). Another type of federal loan, called the federal Perkins loan, is also available to students based on eligibility and funds available. All federal loan programs require the student to have a complete, valid FAFSA application on file, sign a promissory note, and complete informational loan counseling both before a loan is disbursed and at the end of the student′s academic tenure. The record of any federal loan borrowed by a Rhodes student will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Non-federal (Private) educational loans might be another option for funding.
Rhodes students and parents often wish to borrow non-federal educational loans, called "Private Loans" (also known as alternative loans), to help with college expenses. Numerous lending institutions offer private educational loans, which may be combined with federal loans, up to the cost of attendance. To review information about private educational loan products which our students have used over the past five (5) years, click this link: Historical Lender List for Private Educational Loans (PDF).
Advice for private loan borrowing:
- If you must borrow, we advise students and parents to fully utilize federal educational loans and the monthly payment plan before borrowing a private or alternative educational loan. Terms and conditions of the loans within the federal student loan programs may be more favorable than private or alternative loan provisions.
- Be very careful about responding to any unsolicited loan materials/information you receive in the mail or via email. Colleges and universities can be one of your best resources for information on alternative loans, so please contact us before responding to "Direct-to-Consumer" marketing materials from lenders.
- All private educational loans that are not certified by Rhodes must be reported to our office so that we may account for that funding in the financial aid package. This is per U.S. Department of Education guidance.
- Remember that you may choose any private loan lender you wish. Please research each product fully. If you have any questions or have any problems, please contact us.
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:
Presbyterian Church (U.S.A.)
Office of Financial Aid for Studies
100 Witherspoon Street
Louisville, KY 40202-1396
Phone: (502) 569-5745