Rhodes College participates in several loan programs to assist families in meeting their educational costs. 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. The Office of Financial Aid administers the loans, determines your eligibility and credits the loan amount directly to your student account. The following loan programs are administered by the College:
Federal Direct Loans
Direct Loans are low-interest for students and parents to help pay for your cost of education. Direct Loans are loans made with federal capital and owned by the federal government but managed by an assigned loan servicer. Interest rates vary based on the loan program and loan origination fees do apply. In order to receive a Direct Loan, you must have a complete, valid FAFSA application on file, a signed Master Promissory Note (MPN) and complete loan entrance counseling.
- Direct Subsidized Loans: For undergraduate students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period and during deferment periods.
- Direct Unsubsidized Loans: Are not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
- Parent PLUS/Grad PLUS Loans: Are unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS Loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. Parents of accepted students can begin applying for Parent PLUS loans after May 1st at www.studentloans.gov.
For more information on Direct Loans, including interest rates, loan fees and FAQs, please visit www.studentloans.gov.
Federal Perkins Loans
The Perkins Loan program was not reauthorized by Congress and therefore Rhodes is no longer able to award Perkins Loans to new borrowers. Beginning August 2017, Rhodes transferred all existing Perkins Loan accounts to the Department of Education. The federal loan servicer ECSI manages these accounts for the Department of Education. If you need assistance in regards to a Perkins Loan account, please contact them at 866-313-3797. Loan payments can be made online at https://efpls.com/ or mailed to U.S. Department of Education, ECSI Federal Perkins Loan Servicer, P.O. Box 105765, Atlanta, GA 30348-5765.
Non-federal (Private) Educational Loans
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 and advice related to private borrowing, please review our Historical Lender List for Private Educational Loans (PDF). Please note that 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.
Student Loan of the Presbyterian Church (U.S.A.)
For members of the Presbyterian Church, 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.). To qualify, the student must have been a continuous member of the denomination for at least one year immediately preceding the date of application and evidence of financial need is required. All communications regarding Presbyterian 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