College Counseling: Financial Aid

Loans

There are many types of loans available. The most common are:

Stafford Loan: a low interest loan (currently 5%-6%) to students , capped at a specific value for each year at school ($2625 to $7,000), and not to be repaid until a student graduates or leaves school. These loans are generally processed by a local bank.
 

PLUS loans (parent loans for undergraduate study): these loans do not require a need analysis , and are processed by a local bank through the school. Current rate is 8.5% and loans are repaid while the student is in school.
 

PELL Grants/PERKINS Loan: generally limited to high need families.

 

Deadlines

Please be aware of each school’s deadline. They are almost always earlier than the FAFSA filing deadline. Every year we have students who are refused aid, even though they qualified, because a deadline was missed.