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Loans

Student loans can help fill the gap between the cost of attendance and the amounts received through scholarships and grants. It is important to remember, however, that these funds will need to be repaid, so students are encouraged to only borrow the amount that they actually need. If the loan approval is more than the amount needed, students can reduce the loan amount by following the directions provided in the iROAR portal on the Accept Aid Offer tab.

  • Federal Perkins Loan

    Program no longer available as of September 30, 2017.

    Provided assistance to undergraduates. Awards made on the basis of financial need, with priority given to students demonstrating exceptional need. The FAFSA is required and priority given to applications submitted by March 1 for incoming freshmen and April 1 for upperclassmen.

    The Federal Perkins Loan provides assistance to undergraduate students who are enrolled at least half-time. Interest does not accrue while the student is enrolled. Repayment begins nine months after departure from school, with interest accruing at a rate of 5 percent. Awards are made on the basis of financial need, with priority given to students demonstrating exceptional need. Application requires submitting the FAFSA.

    Servicing is provided by the third-party servicer, ECSI, through the student's Clemson email address.

    The recipient of a Federal Perkins Loan must repay the loan in accordance with the repayment schedule. If a situation arises that makes meeting this responsibility impossible, the borrower should contact Student Financial Services. Also, Federal Perkins Loan recipients must notify Student Financial Services of graduation, withdrawal from school, change of address, transfer to another school, etc. Borrowers should refer to their promissory notes for information regarding graduation, withdrawal from school, change of address, transfer to another school, etc. Borrowers should refer to their promissory notes for information regarding cancellation benefits for teachers, nurses, military personnel, law enforcement officers and other public service professionals.

  • Federal Direct Loan

    Federal Direct loans are federally regulated low-interest educational loans provided by lending institutions. Students must be degree-seeking, enrolled at least half-time (six hours for undergraduate; five hours for graduate) and maintain satisfactory academic progress. Financial need is not necessary, but the FAFSA is required. Available to undergraduate and graduate students. Loan repayment begins six months after graduation or departure from school.

    A subsidized Direct Loan is awarded to undergraduate students only on the basis of financial need, as determined by the results of the FAFSA and other financial aid (such as grants and scholarships) that you receive. You will not be charged interest on the loan while you are in school at least half-time or during grace and deferment periods. The federal government “subsidizes” the interest on these loans.

    An unsubsidized Direct Loan is not awarded on the basis of financial need. You will be charged interest on the loan from the time of the first disbursement until it is paid in full. If you allow the interest to accrue (accumulate) while you are in school (or during other periods of nonpayment), it will be capitalized. This means the interest will be added to the original principal amount of your loan, and additional interest will be based on the higher amount. Making interest-only payments while in school will result in a lower amount repaid in the long run.

    Loan Amounts

    The maximum amount you can borrow each academic year depends on your grade level and dependency status. See the chart for annual and lifetime borrowing limits. The amounts below are the maximum values — you might not be eligible for the maximum annual amounts because of other financial aid that you receive.

    Year Dependent Undergraduate Independent Undergraduate Graduate
    First (0-29 earned hours)
    $5,500
    (Including up to $3,500 subsidized)
    $9,500
    (Including up to $3,500 subsidized)
    $20,500
    (All unsubsidized)
    Second (30-59 earned hours)
    $6,500
    (Including up to $4,500 subsidized)
    $10,500
    (Including up to $4,500 subsidized)
    Third and beyond (60+ earned hours)
    $7,500
    (Including up to $5,500 subsidized)
    $12,500
    (Including up to $5,500 subsidized)
    Aggregate Loan Limits
    $31,000
    (Including up to $23,000 subsidized)
    $57,500
    (Including up to $23,000 subsidized)
    $138,500
    (All unsubsidized)

    How to Apply for a Stafford Loan

    The FAFSA is required for both subsidized and unsubsidized Federal Direct Loans. By completing the FAFSA, we will automatically determine your eligibility for subsidized and unsubsidized loans and notify you of your eligibility. We will first process the maximum subsidized eligibility and then unsubsidized. You will be notified of your eligibility through the iROAR portal, where you will have the opportunity to accept the full amount offered, reduce the amount offered, or decline the offer completely.

    To complete the loan process, you will need to:

    • Complete entrance loan counseling at studentloans.gov if this is your first loan at Clemson.
    • Complete a Master Promissory Note (MPN) at studentloans.gov if this is your first Direct Loan.
    • When notified to do so, accept the loan in the iROAR portal (you can cancel or reduce the loan amounts)

    Interest Rates

    The interest rates for federal student loans are determined by federal law. If there are future changes to federal law that affect federal student loan interest rates, this information will be updated to reflect those changes.

    Interest Rates for loans disbursed from July 1, 2016 - June 30, 2017

    Interest Rates for loans disbursed from July 1, 2017 - June 30, 2018:

    Loan Type Interest Rate Origination Fee Grace
    Period
    Deferment Repayment
    Subsidized 4.45% Fixed for Undergraduates

    1.069% (if first disbursed between July 1, 2017 and September 30, 2017)

    1.066% (if first disbursed between October 1, 2017 and June 30, 2018)

    6 months You may receive a deferment if you are enrolled at least half-time or for unemployment or economic hardship. The 6-month grace period starts the day after you graduate, leave school or drop below half-time. You do not have to begin making payments until your grace period ends.
    Unsubsidized 4.45% Fixed for Undergraduates

    6.00% Fixed for Graduate or Professional Students

    Promissory Notes

    An electronic loan application will be created and transmitted to the U.S. Department of Education. First-time borrowers through the Direct Loan program will be directed to complete a promissory note. This can be done electronically at studentloans.gov. The promissory note is a legal, binding document whereby you agree to repay the loan.

    Changing Loan Amounts

    You are encouraged to only borrow needed funds. If the loan approval is more than you desire, you can reduce the amount by going online under the Financial Aid section of the iROAR portal. On the "Accept Award Offer" tab, you will need to submit your request for reduction in the "Comments" section toward the bottom of the page. 
     

  • Federal Parent PLUS Loan

    Parents of dependent undergraduate students can apply. Students must enroll at least half-time (six hours) and maintain satisfactory academic progress. Financial need is not necessary, but the FAFSA is required.

    Through this program, parents can borrow up to the annual cost of attendance minus any other financial aid that the student receives for the year. Students must be enrolled at least half-time and maintain satisfactory academic progress in order to be eligible. Eligibility for a PLUS loan is based on a parent's creditworthiness and not on financial need. Repayment of PLUS loans begin 60 days following the final disbursement of the loan each year.  Parent borrowers may defer repayment while the student is enrolled at least half-time and for an additional six months beyond the student's graduation or when the student drops below half-time enrollment. Deferment periods must be corrected by contacting your Direct Loan servicer.

    In order for funds to be available for payment purposes, applications should be submitted by:

    • June 15 for the fall semester
    • November 1 for the spring semester
    • April 1 for summer sessions

    How to Apply for a PLUS Loan

    1. Submit the Free Application For Federal Student Aid (FAFSA).
    2. Complete the Federal Parent PLUS Loan application for the appropriate academic year on studentloans.gov.
    3. Complete a PLUS Loan Master Promissory Note for parents at studentloans.gov.


    Interest Rates for loans disbursed from July 1, 2016 - June 30, 2017

    Interest Rates for loans disbursed from July 1, 2017 - June 30, 2018:

    Loan Type Borrower Interest Rate Origination Fee Grace Period Deferment Repayment
    Parent PLUS Parent of a dependent undergraduate 7.00% Fixed

    4.276% (if first disbursed between July 1, 2017 and September 30, 2017)

    4.264% (if first disbursed between October 1, 2017 and June 30, 2018)

    There is no grace period for PLUS loans. You may receive a deferment if the dependent student is enrolled at least half-time in a degree-seeking program of study. Repayment begins 60 days after you have received the last installment for the loan period.

    Loan Amount

    You may borrow up to the cost of attendance minus any other financial aid that the student is receiving for each academic year. 

    Eligibility Requirements

    • The student must be enrolled at least half-time (six hours or more)
    • The student must maintain satisfactory academic progress as defined by the Clemson University Satisfactory Academic Progress Policy.
    • The student and borrower must not have defaulted on or owe a refund to any previous student aid program.
    • The student and borrower must be U.S. citizens, U.S. nationals or permanent residents.
    • The borrower must be a parent of a dependent undergraduate student.
  • Federal Graduate PLUS Loan

    Students enrolled in graduate programs can apply. Students must enroll at least half-time (five hours) and maintain satisfactory academic progress. Financial need is not necessary, but the FAFSA is required.

    The Grad PLUS Program is designed to help graduate or professional students pay the cost of their education expenses. This loan fills the gap between the cost of education and the funding received through Federal Direct Loans and other financial aid including graduate assistantship waivers and fellowships.

    Students must be enrolled at least half-time and maintain satisfactory academic progress in order to be eligible. Eligibility for a Graduate PLUS loan is based on a student's creditworthiness and not on financial need. Students with insufficient credit can apply with an endorser. For PLUS loans made to graduate students that are first disbursed on or after July 1, 2008, the student has the option of beginning repayment on the Graduate PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the student ceases to be enrolled on at least a half-time basis.

    In order for funds to be available for payment purposes, applications should be submitted by:

    • June 15 for the fall semester
    • November 1 for the spring semester
    • April 1 for summer sessions.

    How to Apply for a Graduate PLUS Loan

    1. Submit the FAFSA.
    2. Complete the Federal Graduate PLUS Loan application for the appropriate academic year on studentloans.gov.
    3. If this is your first Federal Graduate PLUS Loan, complete a PLUS Loan Master Promissory Note for Graduate Students at studentloans.gov.
    4. If this is your first Federal Graduate PLUS Loan, complete Entrance Loan Counseling at studentloans.gov.
    5. You should fully utilize all Direct Loan eligibility before borrowing through the Graduate PLUS Loan program.


    Interest Rates for loans disbursed from July 1, 2016 - June 30, 2017

    Interest Rates for loans disbursed from July 1, 2017 - June 30, 2018:

    Loan Type Borrower Interest Rate Origination Fee Grace Period Deferment Repayment
    Graduate PLUS Graduate Student enrolled at least half-time 7.00% Fixed

    4.276% (if first disbursed between July 1, 2017 and September 30, 2017)

    4.264% (if first disbursed between October 1, 2017 and June 30, 2018)

    There is no grace period for PLUS loans You may receive a deferment if the student is enrolled at least half-time in a degree-seeking program of study. Repayment begins 60 days after you have received the last installment for the loan period.

    Loan Amount

    You may borrow up to the cost of attendance minus any other financial aid that the student is receiving for each academic year. 

    Eligibility Requirements

    • The student must be enrolled at least half-time (five hours or more)
    • The student must maintain satisfactory academic progress as defined by the Clemson University Satisfactory Academic Progress Policy.
    • The borrower must not have defaulted on or owe a refund to any previous student aid program.
    • The borrower must be a U.S. citizen, U.S. national or permanent resident.
    • The borrower must be a graduate student.
  • Private Loans

    Private (or alternative) loans help bridge the gap between the cost of education and the limited amount of financial aid available through federal programs.

    Private or alternative loans are designed to help students who need additional assistance with educational costs. In most cases, it is advantageous for students to pursue Unsubsidized Federal Direct Loans and for parents to pursue Federal PLUS Loans (or Grad PLUS Loans for graduate students) before seeking private loans. A major advantage of these federal programs is that the federal government caps the interest on the loans. Additionally, alternative loans typically do not offer the same benefits as federal loans, such as consolidation, service cancellations and military repayment.

    If assistance beyond what is available through the federal loan programs is desired, there are a number of private lenders who offer alternative loans to cover educational expenses. Loan approval is generally based on creditworthiness and ability to repay – for students, a credit-worthy, employed co-signer might be required (and is strongly encouraged). Each lender offers different rates, fees, repayment terms and approval requirements. To get the best rates and terms, it is strongly suggested that you obtain a co-signer with a good credit rating.

    How to Apply for a Private Loan

    From 2010-11 through the 2014-15 academic years, Clemson University students used the following private loan programs: (selecting the names will take you the lenders' Web site)


    These lenders are not recommendations by Clemson University, merely a listing of lenders our students have used. You are not obligated to use them. Please note that the credit check performed by many lenders expires after 90 to 120 days. Therefore, you should not apply for an private loan more than three months prior to the start of the loan period. However, because of processing time, you should apply as soon as possible within the three month window.

    In order for funds to be available for payment purposes, it is recommended that applications be submitted by:

    • June 15 for the fall semester
    • November 1 for the spring semester
    • April 1 for summer sessions

    Disbursement

    Most private loan disbursements are made via Electronic Funds Transfer from your lender to Clemson University. These funds are applied to the student's account with any excess – after all University fees are satisfied – being released to the student.

    Changing Loan Amounts

    You are encouraged to only borrow needed funds. If the loan approval is more than you desire, you can reduce the amount by calling the Financial Aid Office at 864-656-2280, emailing the Financial Aid Office at finaid@clemson.edu, or following the directions provided by the lender on the disclosure statement you receive.

    Attendance at Prior Institutions

    We strongly encourage students who have borrowed through the private loan program at other institutions prior to attending Clemson to retain their previous lenders. This will avoid making multiple loan repayments in the future.

  • South Carolina Teacher Loan and Career Changers Loan Programs

    These programs provide loan assistance to qualified students in education. Recipients must be South Carolina residents.

    South Carolina Teacher Loan Program

    The South Carolina Teacher Loan Program was established by the State of South Carolina through the Education Improvement Act of 1984 to entice talented and qualified students into the teaching profession. This loan is canceled by teaching in South Carolina public schools in an area of critical need.

    The loan is canceled at the rate of 20 percent or $3,000, whichever is greater, for each full year of teaching in a critical subject or critical geographic area within South Carolina. If you teach in both a critical subject and a critical geographic area your loan will be canceled at the rate of 33.33 percent or $5,000, whichever is greater, for each year of full-time teaching. The subject areas deemed critical at the time you apply, or subsequently, will be honored for cancellation when you begin teaching; a critical geographic area must be deemed critical at the time of your employment. If you decide not to teach, the interest rate will be the interest rate charged on Stafford Loans plus 2 percent. This variable rate is capped at 10.25 percent.

    For more information regarding cancellation benefits and current critical geographical and subject needs, visit the South Carolina Student Loan Corporation's website at http://www.scstudentloan.org/.

    Note: Because of limited funding, meeting all criteria and deadlines does not mean you will be accepted into the Teacher Loan Program.

    Eligibility Requirements

    • Must be a United States citizen.
    • Must be a resident of South Carolina.
    • Must be enrolled in good standing at an accredited institution on at least half-time basis.
    • Must be enrolled in a program of teacher education or have expressed an intent to enroll in such a program.
    • Entering freshmen must have been ranked in the top 40 percent of their high school graduating class and have a SAT or ACT score equal to or greater than the South Carolina average for the year of graduation from high school or the most recent year for which such figures are available.
    • Enrolled undergraduate students, including enrolled freshmen, must have taken and passed the South Carolina Education Entrance Exam (EEE) and have a cumulative grade point average of at least 2.75 on a 4.0 scale.
    • Entering graduate students must have at least a 2.75 grade point average on a 4.0 scale. Graduate students who have completed at least one term must have a grade point average of 3.5 on a 4.0 scale or better.
    • Must be seeking initial certification in a critical subject area if you already hold a teaching certificate.

    Loan Amounts

    Freshmen and sophomores can borrow up to $2,500 per year. Juniors, seniors and graduate students can borrow up to $5,000 per year.

    Application Process

    Applications for the South Carolina Teachers Loan / Career Changers can be obtained in the Financial Aid Office when available, generally around late January or early February for the upcoming academic year. The application may also be downloaded from the South Carolina Student Loan Corporation website. The priority application deadline is April 30. However, because of limited funding, we suggest that you apply as soon as the application for the new academic year is available because these funds are limited by the state each year. Priority is given to renewal applicants. Incomplete applications are not guaranteed priority processing. Once you have completed the application, it should be submitted to:

    Curriculum & Instruction
    309 Edwards Hall
    Clemson University
    Clemson, SC 29634


    Career Changers Loan

    The Career Changers Program was established to assist individuals wishing to enter the teaching profession. This loan is canceled by teaching in South Carolina public schools in an area of critical need. More information on the cancellation benefits may be found on the South Carolina Student Loan Corporation website.

    Note: Due to limited funding, meeting all criteria and deadlines does not mean you will be accepted into the Career Changers Program.

    Eligibility Requirements

    Career Changers are individuals who are changing careers to enter the teaching profession. They must meet the above (for Teacher Loans) criteria except that the academic requirements are waived during the initial year of the teacher education program. To qualify as a Career Changer, the borrower must also:

    • Have possessed a baccalaureate degree for at least three years. (This requirement is waived for individuals who are employed as instructional assistants in the South Carolina public school system.)
    • Have been employed on a full-time basis for a minimum of three years or its equivalent in part-time work.

    Loan Amounts

    Career Changers can borrow up to $15,000 per year and up to an aggregate maximum of $60,000.

    Application Process

    Applications for the South Carolina Teachers Loan / Career Changers can be obtained in the Financial Aid Office when available, generally around late January or early February for the upcoming academic year. The application may also be downloaded from the South Carolina Student Loan Corporation website. The priority application deadline is April 30. However, because of limited funding, we suggest that you apply as soon as the application for the new academic year is available because these funds are limited by the state each year. Priority is given to renewal applicants. Incomplete applications are not guaranteed priority processing. Once you have completed the application, it should be submitted to:

    Curriculum & Instruction
    309 Edwards Hall
    Clemson University
    Clemson, SC 29634

  • Loan Consolidation

    Not applicable to in-school financing, but might be desirable if the student has loans from multiple sources.

    Many students and parents wonder if it is beneficial to consolidate educational loans. The answer is...it depends.

    Here are some factors you should consider when deciding if consolidation is right for you.

    Are your monthly payments manageable? If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and/or want to avoid default, a Direct Consolidation Loan may help you.

    Too many monthly payments driving you crazy? If you send payments to more than one lender every month, and want the convenience of a single monthly payment, consolidation may be right for you. With a Direct Consolidation Loan, you will have a single lender—the U.S. Department of Education—and a single monthly payment.

    What are the interest rates on your loans? If you have variable interest rates on your federal education loans, you may want to consolidate. The interest rate for a Direct Consolidation Loan is fixed for the life of the Direct Consolidation Loan. The rate is based on the weighted average interest rate of the loans being consolidated, rounded to the next nearest higher one-eighth of one percent and can not exceed 8.25 percent.

    How much are you willing to pay over the long term? Like a home mortgage or a car loan, extending the years of repayment increases the total amount you have to repay.

    How many payments do you have left on your loans? If you are close to paying off your student loans, it may not be worth the effort to consolidate or extend your payments.

    For more information on Federal Direct Loan Consolidations, visit the Federal Direct Loan Consolidation Information Center.

  • Conflict of Interest and Code of Conduct Policy

    Clemson University policies regarding interaction with lending entities.

    CLEMSON UNIVERSITY
    CONFLICT OF INTEREST POLICY AND CODE OF CONDUCT

    I. Purpose

    The purpose of this policy is to prohibit conflicts of interest in situations involving student financial aid and to establish standards of conduct for employees with responsibility for student financial aid.

    II. Applicability

    This policy applies to all employees who work in the Student Financial Aid Office and all other University employees who have responsibility related to education loans or other forms of student financial aid.

    III. Definitions

    A. Conflict of Interest: A conflict of interest exists when an employee’s financial interests or other opportunities for personal benefit may compromise, or reasonably appear to compromise, the independent judgment with which the employee performs his/her responsibilities at the University.

    B. Employee: Any officer, employee or agent of Clemson University who has any responsibility related to educational loans or other forms of financial aid.

    C. Gift: Any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount. The term includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred. The term “gift” does not include any of the following:

    a. Standard materials, activities, or programs on issues related to a loan, default aversion, default prevention, or financial literacy,  such as a brochure, a workshop, or training.
    b. Training or informational material furnished to the University as an integral part of a training session that is designed to improve the service of a lender, guarantor, or servicer of educational loans to the University, if such training contributes to the professional development of the University’s employees.
    c. Favorable terms, conditions, and borrower benefits on an education loan provided to a student employed by the University or an employee who is the parent of a student if such terms, conditions, or benefits are comparable to those provided to all students of the University and are not provided because of the student’s or parent’s employment with the University.
    d. Entrance and exit counseling services provided to borrowers to meet the University’s responsibilities for entrance and exit counseling under federal law, so long as the University’s employees are in control of the counseling, and such counseling does not promote the products or services of any specific lender.
    e. Philanthropic contributions to the University from a lender, servicer, or guarantor of education loans that are unrelated to education loans or any contribution from any lender, guarantor, or servicer that is not made in exchange for any advantage related to education loans.
    f. State education grants, scholarships, or financial aid funds administered by or on behalf of the State.

    D. Opportunity Pool Loan: A private education loan made by a lender to a student attending the University, or the family of such a student, that involves a payment, directly or indirectly, by the University of points, premiums, additional interest, or financial support to such lender for the purpose of such lender extending credit to the student or the family.

    E. Revenue‐Sharing Arrangement: An arrangement between the University and a lender under which (a) a lender provides or issues a loan to students attending the University or to their families; and (b) the University recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the University or its employees.

    IV. Institutional Policy Regarding Education Loans and Student Financial Aid

    A. Revenue‐Sharing Arrangements

    The University will not enter into any REVENUE‐SHARING ARRANGEMENTS with any lender.

    B. Interaction With Borrowers

    When participating in the Federal Family Education Loan Program (FFELP), the University will not assign a first‐time borrower’s federal loan, through award packaging or other methods, to a particular lender. The University will not refuse to certify, or delay certification of, any federal loan based on the borrower’s selection of a particular lender or guarantee agency.

    Under no circumstances will the University assign a student’s private student loan to a particular lender, or refuse to certify, or delay certification, of any private loan based on the borrower’s selection of lender or guarantee agency.

    C. Private Loans

    The University will not request, or accept, form any lender any offer of funds to be used for private education loans, including funds for an OPPORTUNITY POOL LOAN, to students in exchange for the University providing concessions or promises regarding providing the lender with a specified number of federal loans, a specified federal loan volume, or a preferred lender arrangement for federal loans.

    D. Co‐Branding

    The University will not permit a private educational lender to use the University’s name, emblem, mascot, logo, or any other words, pictures, or symbols associated with the University to imply endorsement of private loans by the lender.

    E. Staffing Assistance

    The University will not request, or accept, from any lender any assistance with call center staffing or financial aid office staffing. Nothing in this section, however, prevents the University from accepting assistance from a lender related to (a) professional development training for its staff; (b) providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials; or (c) staffing services on a short‐term, non‐recurring basis to assist the University with financial aid related functions during emergencies, including State or federally declared natural disasters, federally declared national disasters, and other localized disasters and emergencies identified by the Secretary of Education.

    V. Code of Conduct

    A. Conflicts of Interest

    a. No EMPLOYEE shall have a CONFLICT OF INTEREST with respect to any education loan or other student financial aid for which the EMPLOYEE has responsibility.
    b. No EMPLOYEE may process any transaction related to his/her own personal financial aid or that of a relative.

    B. Gifts

    No EMPLOYEE may accept any gift from a lender, guarantor, or servicer of education loans. A GIFT to a family member of an EMPLOYEE or to any other individual based on that individual’s relationship with the EMPLOYEE shall be considered a GIFT to the employee if the GIFT is given with the knowledge and acquiescence of the EMPLOYEE and the EMPLOYEE has reason to believe the GIFT was given because of the EMPLOYEE’S position at the University.
    Token awards from professional associations (state, regional, or national) that recognize professional milestones or extraordinary service to parents and students, or scholarships for conference attendance or other professional development opportunities, may be accepted.

    C. Prohibited Contracting Arrangements

    No EMPLOYEE shall accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.


    D. Advisory Board Compensation

    No EMPLOYEE who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders, guarantors, may receive anything of value from the lender, guarantor, or group of lenders or guarantors, in return for that service except for reimbursement for reasonable expenses incurred by the EMPLOYEE for serving.

    E. Meals

    Meals offered as a part of meetings, conferences, or other events may be accepted by EMPLOYEES if all participants in the meeting or event are offered the meal (or if the meals are included as a part of a registration fee).

    VI. Policy Violations

    Violations of this policy may result in disciplinary action in accordance with Human Resource policies.

    VII. History

    This policy was approved on 12/14/2009 by the Administrative Council. All affected employees must annually sign an acknowledgement of the policy.

Summary of Loan Programs

Loan Name Interest Rate
(disbursed from
7/1/17 to 6/30/18)
Origination Fee
(disbursed from
7/1/17 to 9/30/17)
Origination Fee
(disbursed from
10/1/17 to 6/30/18)
Repayment Co-Signer
or Endorser
Needed?
Perkins Loan 5% Fixed None

None

Begins 9 months
after graduation or
less than half-time
enrollment
No
Subsidized
Direct Loan
4.45% Fixed for
undergraduates
1.069% 1.066% Begins 6 months
after graduation or
less than half-time
enrollment
No
Unsubsidized
Direct Loan
4.45% Fixed for
undergraduates
6.00% Fixed for
graduates
1.069% 1.066% Begins 6 months
after graduation or
less than half-time
enrollment
No
Parent PLUS
Loan
7.00% Fixed 4.276% 4.264% Begins 60 days after
loan is fully
disbursed
Dependent
upon credit
decision
Graduate
PLUS Loan
7.00% Fixed 4.276% 4.264% Begins 60 days after
loan is fully
disbursed
Dependent
upon credit
decision
Private Loans Variable Variable Variable Variable May be
required —
highly
recommended