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FEDERAL PERKINS LOANS:
Low interest loans
(5%) from Federal and institutional funds. Awarded to students with
exceptional financial need who apply early. Teachers, child care
providers, and nurses, in certain situations, can cancel the entire
amount through service after graduation. Cancellation information is
available online by clicking
here.
FEDERAL STAFFORD LOANS:
Subsidized (Federal
government pays interest while enrolled and during grace period) and
Unsubsidized Stafford Loans are offered through a bank or a lending
institution. Students must indicate an interest in being awarded a
student loan on their FAFSA to receive an award. The amount students
are eligible to borrow is based on the cost of attendance and grade
classification. Yearly maximums are: freshmen - $5,500, sophomores -
$6,500, juniors and seniors - $7,500, and graduate students $8,500.
Independent students and students whose parents are denied for a Parent
PLUS Loan are eligible for an additional unsubsidized loan: freshmen
and sophomores - $6,000, juniors and seniors - $7,000, and graduate
students $12,000. The 2008-2009 interest rate is 6.8%. Borrowers must complete Stafford Loan Entrance
Counseling and the UWA Loan Application online at:
http://financialaid.uwa.edu/studentloanprocess.asp
Students and their parents can e-sign their Master Promissory Note (MPN)
with their lender online using their U.S. Department of Education PIN
Number. To electronically
sign an MPN,
they should visit their lenders student loan web page or contact their
lender for instructions.
Students and parents can review their loan status online at
www.elmresources.com. The average loan indebtedness for graduating
seniors is $17,286. Of the students attending the University, 76% of
graduating seniors borrowed funds while enrolled.
Federal Stafford Loan Teacher Loan Forgiveness: Certain
teachers may qualify to cancel a portion of their Federal Stafford
Loans. Teacher Loan Forgiveness is administered by the U.S. Department
of Education in conjunction with the student’s lender. More information
is available online by clicking
here.
Students exiting the University for any reason (graduating,
transferring, or dropping out) must complete Stafford Loan
Exit Interview Counseling on-line at
http://www.kheaa.com.
PARENT PLUS LOANS (PARENT LOAN FOR UNDERGRADUATE STUDENTS):
Parents can borrow the difference between what the student qualifies for
and the cost of education as defined by the Financial Aid Center.
Parent PLUS Loans are dependent on the parent’s credit history. Parents
can determine if they meet the credit criteria online at
www.kheaa.com, click ZIP DECISION. If the parent is denied
for a Parent PLUS Loan, we can award the student the independent level
of Unsubsidized Federal Stafford Loan as indicated above. Parents must
provide documentation of the denial to the Financial Aid Center.
Parents approved for a PLUS Loan must complete the UWA PLUS Application
which is available online at:
http://forms.uwa.edu/PLUS.doc. The 2007-2008 Interest rate for
Parent PLUS Loans is 8.5% and repayment starts 60 days after the loan is
fully disbursed each year.
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