Student Loans
Students who have unmet need after gift aid is awarded are eligible for a Federal Subsidized Direct Student Loan. For students without unmet need after gift aid is awarded and for independent students who need more loan funds than allowed by the subsidized loan maximums, Federal Unsubsidized Direct Loans are offered.
Goshen College's participation in the Federal Direct Student Loan Program will make the process of applying for and receiving student loans simpler. If you are eligible for a student loan as determined on your FAFSA, the amount of your eligibility will be noted on your financial aid award. When you have indicated to us your wish to borrow, you must complete a Loan Master Promissory Note and an Entrance Interview both of which can be done online. Once this happens, the funds can be then applied directly to your student account.
Year at GC |
Limits
|
| First-year |
$ 3,500
Independent students can get an additional $ 4,000
An additional $2,000 Federal Unsubsidized loan is available under a new regulation. |
| Sophomore |
$ 4,500
Independent students can get an additional $ 4,000
An additional $2,000 Federal Unsubsidized loan is available under a new regulation. |
| Junior & Senior |
$ 5,500
Independent students can get an additional $ 5,000
An additional $2,000 Federal Unsubsidized loan is available under a new regulation. |
Federal Perkins Loans
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Federal Perkins Loans are made through a school's financial aid office. Your school is your lender, and the loan is made with government funds. You must repay this loan to your school.
PLUS Federal Loans
Parents of dependent students can take out loans to supplement their children's aid packages. The federal Parent Loan for Undergraduate Students (PLUS) lets parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance. There is no cumulative limit. PLUS loans have a fixed interest rate of 8.5%. Repayment begins 6 months after graduation, and the repayment term is up to 10 years. There is no grace period as there is with the Stafford Loan program.
Loan Entrance and Exit Interviews
Students with federal loans are required to complete a loan entrance and exit interviews. To do them online, please follow this link:
Alternative Loans
Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs. Private loans are offered by private lenders and there are no federal forms to complete. Some families turn to private education loans when the federal loans don't provide enough money or when they need more flexible repayment options. For example, a parent might want to defer repayment until the student graduates.
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NOTE: This list is just a sample of lenders that provide alternative educational loans. We encourage students to shop around and compare your best options.
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