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 you are encouraged to only borrow the amount that you actually need. If the loan approval is more than you desire, you can reduce the amount by contacting the Financial Aid Office or following the directions provided in your electronic award letter (ePAWS).
Federal Perkins Loan
Provides assistance to full-time undergraduates. Awards are 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 April 1.
Federal Direct Stafford Loan
Federal Stafford 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.
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.
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.
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.
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.
Loan Consolidation
Not applicable to in-school financing, but might be desirable if the student has loans from multiple sources.
Conflict of Interest and Code of Conduct Policy
Clemson University policies regarding interaction with lending entities.
Summary of Loan Programs
| Loan Name | Interest Rate (disbursed from 7/1/10 to 6/30/11) |
Origination Fee (disbursed from 7/1/10 to 6/30/11) |
Repayment | Co-Signer or Endorser Needed? |
| Perkins Loan | 5% Fixed | None | Begins 9 months after graduation or less than half-time enrollment |
No |
| Subsidized Stafford |
4.5% Fixed for undergraduates 6.8% Fixed for graduates |
1.0% | Begins 6 months after graduation or less than half-time enrollment |
No |
| Unsubsidized Stafford |
6.8% Fixed | 1.0% | Begins 6 months after graduation or less than half-time enrollment |
No |
| Parent PLUS Loan |
7.9% Fixed | 4.0% | Begins 60 days after loan is fully disbursed |
Dependent upon credit decision |
| Graduate PLUS Loan |
7.9% Fixed | 4.0% | Begins 60 days after loan is fully disbursed |
Dependent upon credit decision |
| Private Loans | Variable | Variable | Variable | May be required - highly recommended |