If you do not qualify for federal aid but need loan assistance, you may view Rhodes Preferred Lender List below. Please know that you are not limited to the lenders on this list. You are more than welcome to find a lender outside of this list that best fits your needs.
Private Loans Rhodes students and parents have the opportunity 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. Rhodes maintains a historical lenders’ list, which includes private educational loans that our students have used over the past five (5) years. Please note that this list is not inclusive, ordered by preference, or an endorsement of any specific lender. https://choice.fastproducts.org/FastChoice/home/351900
Tuition and Fees Private education loans are available to help students finance their education. While the student will be listed as the borrower, a co-signer is generally needed for undergraduate students. The maximum alternative loan for which a student may apply in any academic year is the difference between the cost of attendance and any assistance the student is eligible to receive. The student’s ability to obtain a private loan is subject to a credit check. The private/alternative loan interest rate is variable based on the prime rate, and fees may apply.
Although you have a choice in lenders through the private sector, for your convenience, you may use FastChoice, a lender comparison tool comprised of lenders our students have used over the past several years. Visit rhodes.edu/fastchoice.
Most types of grants, unlike loans, are sources of financial aid that generally do not have to be repaid. In addition to Rhodes grants, for those who qualify, grants are also available from federal, state government and private or nonprofit organizations.
A Federal Pell grant is an undergraduate federal grant. The U.S. Department of Education determines eligibility. The Expected Family Contribution (SAI) Formula is the standard criteria used in determining financial need. The Federal Unlike loans, Pell Grants do not have to be repaid (except in certain cases, like withdrawal from school).
Eligibility
A Federal Supplemental Educational Opportunity Grant (SEOG) is an undergraduate federal grant awarded to the neediest Federal Pell Grant recipients on a first come, first served basis.
A TSAA Grant is awarded by the Tennessee Student Assistant Corporation on a first come, first served basis to needy undergraduate students who are Tennessee residents.
Federal Work-Study (FWS) is a financial aid program that allows students to work on-campus or with approved off-campus community service employers to earn money to pay for college expenses. Eligible students are awarded FWS when they complete their Free Application for Federal Student Aid (FAFSA).
The Federal Direct Student Loan Program (FDLP), also known as the William D. Ford Federal Direct Loan Program, is the largest federal student loan program in the U.S. It provides loans directly from the U.S. Department of Education to eligible students and parents to help cover the cost of higher education.
The maximum annual eligibility for a Direct Loan (combination of both Subsidized and Unsubsidized loan eligibility) is as follows:
$5,500 for a first-year undergraduate student
$6,500 for a student classified as a sophomore
$7,500 for students classified as either a junior or a senior
Rhodes students and their parents will have access to Subsidized, Unsubsidized, Parent and Grad PLUS loans under the Direct Loan Program. Direct Loans are low-interest loans for students and caregivers to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.
In addition, alternative loans are private, credit-based loans. Students may apply for these loans and, if approved, may use the funds to offset educational expenses. They are designed to help supplement Federal loans for educational costs.
Subsidized loans are for undergraduate students with demonstrated financial need, as determined by federal regulations. No interest will accrue while a student is in school at least half-time, during the grace period and during deferment periods. Repayment begins following a six-month grace period after you graduate, leave school or cease being enrolled as at least a half-time student.
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. Repayment begins following a six-month grace period after you graduate, leave school or cease being enrolled as at least a half-time student.
Direct PLUS Loans are available to parents of dependent undergraduate students (Parent PLUS) and graduate students (Graduate PLUS) enrolled at least half time. Financial need is not a requirement. Borrowers can request a loan for up to the full cost of attendance minus any other financial aid. This loan enters repayment 60 days after full disbursement. Some PLUS loans qualify for deferment of payments while the student is enrolled at least half time. Direct PLUS loans require a credit check.
Accept the Loans You Need
You’ll need to:
How to Apply for Direct PLUS Loan
If you’re denied due to credit:
For Graduate or Professional Students:
They may qualify for:
1. Direct Unsubsidized Loans
2. Grad PLUS Loans
