LOAN PROGRAMS

You must be enrolled in a minimum of six credit hours to be eligible for loan assistance. 

All loans are made in two equal disbursements based on your enrollment pattern.  For example, if you will be attending fall & spring terms, you would receive one disbursement in fall & one in spring. 

All new borrowers must complete Entrance Counseling prior to disbursement.  As you withdraw or graduate, you are required to complete Exit Counseling.  Both requirements can be completed at www.dl.ed.gov.  Even if you have received student loans elsewhere, you are required to complete Entrance Counseling at Fairmont State.

You may also refer to www.dl.ed.gov for information on loan forgiveness and www.loanconsolidation.ed.gov for consolidation questions.

 

Federal Perkins Loan
* A federally funded student loan based on financial eligibility as determined by the filing of a Free Application for Federal Student Aid.

* Annual limit of borrowing is $4,000 with a total possible of $20,000 for your undergraduate education. 

* Interest is 5% with the loan(s) repayable beginning nine months after you cease to be a half time student or graduate.

 

William D. Ford Federal Direct Loan

* A federally funded student loan based on financial eligibility as determined by filing the Free Application for Federal Student Aid.
 
* If eligible, $2,625 may be borrowed as a freshman; $3,500 as a sophomore, and $5,500 each in the junior or senior year. Total amount that may be borrowed as an undergraduate is $23,000.

* Independent students (as defined by the Department of Education) may receive additional amounts through the unsubsidized loan program in the amount of $4,000 as a freshman or sophomore and $5,000 for the remaining undergraduate years not to exceed an aggregate of $46,000 (Total of subsidized and unsubsidized).
 
* This is a fixed rate loan at 6.8%. The student borrower is responsible for the interest which accrues while enrolled on unsubsidized loans. The federal government pays the interest for students whose loans are subsidized.

* Repayment begins six months after you graduate or cease to be a half time student with a minimum payment of $50 or higher based on the aggregate total of your loans 

 

Federal Direct Parent Loan for Undergraduate Students (PLUS)

* Parents of dependent students may apply for loans up to the cost of education less other aid awarded.

* The interest rate is a fixed rate loan at 8.5%.

* The loan will be disbursed in two payments and credited to the students account. Left-over funds will be paid to the student.

* Repayments begins 60 days after the full amount has been disbursed.

Click here to download the PLUS Loan Application

 

Federal Direct Graduate/Professional Loan

* Available to graduate and professional students to help meet the cost of attendance.

* May borrow up to the cost of attendance minus any financial aid.  Students must complete the Free Application for Federal Student Aid (FAFSA)

* Students must pass a credit check and be enrolled at least half-time.

* The interest rate is fixed and will not exceed 7.9%.  Interests accrues from the date the loan funds are disbursed.  Repayment begins 60 days after the loan disbursement.  Students may receive a deferment while enrolled in school at least half-time.

*  First time Federal Direct Graduate/Professional Loan borrowers will receive instruction from our office on how to complete a PLUS Master Promissory Note (MPN).

* If the PLUS Loan Application is denied, you will be notifies by the Loan Origination Center on other ways to secure an approval.

Click here to download the Federal Graduate/Professional PLUS Loan Application.

 

Alternative Loans

Credit based loans available to students to help meet the cost of attendance.

* Students may borrow up to the cost of attendance minus any financial aid.  Students must complete the Free Application for Federal Student Aid (FAFSA)

* Students must be enrolled at least half-time.

* The interest rate is variable depending on the student and/or co-signers credit.  Interest accrues from the date the loan funds are disbursed. 

Click here to learn more about Alternative Loans or See a Financial Aid Counselor.

 

Addison H. Gibson Foundation

* Low interest loans for long-term western Pennsylvania residents
* Click here for information