Loans

Consider the following loan options, which have different payback interest rates and repayment terms.

Federal Perkins Loan Program

This federal loan program, which is administered by the College, provides loans to students who demonstrate financial need. Our Financial Aid Office determines the amount of the loan, and the loan is repayable at 5% interest beginning nine months after graduation or termination of studies. The loan may be repaid over a ten-year period. The average loan from this source at Randolph-Macon is approximately $2,400 per year. The maximum total amount that can be borrowed for undergraduate study is $12,000.

Federal Subsidized Stafford Loan Program

This federal loan program provides loans to students who demonstrate financial need. The Financial Aid Office will provide a list of recommended lenders along with your award package. Students, however, may choose any participating lender. Students may borrow up to $3,500 for the first year, $4,500 for the second year, and $5,500 per year thereafter, for an aggregate of $23,000 for undergraduate study. The student begins repayment of principal and interest six months after graduation or termination of studies at an interest rate currently at 6.8%.

Federal Unsubsidized Stafford Loans

This lending option is available to students who do not qualify for the need-based Federal Subsidized Stafford Loan. It has the same terms as the Federal Subsidized Stafford loan except that interest accrues on the loan while the student is in school. The student has the option of paying the accumulating interest or having it capitalized and added to the principle until the loan enters repayment. The application procedure is the same as for the Federal Subsidized Stafford Loan.

Plitt Parent Loan

The Plitt Parent Loan Fund, through Randolph-Macon College, offers loans of up to $15,000 per academic year with a rate of interest that is currently at 5% (new loans only). Repayment begins one month after the loan is disbursed. Eligibility normally extends to those parents whose incomes range from $30,000 to $75,000+ per year. Please inquire at the Financial Aid Office.

The Federal Parent Loan for Undergraduate Students (PLUS)

PLUS program is a federal effort to make comparatively low-interest loans available to parents of full-time post-secondary students. Parents may borrow up to the annual cost of the education less any financial aid at an interest rate currently at 8.5%. Repayment begins 60 days after the full loan has been disbursed. Some commercial lenders participating in the PLUS program may offer deferred repayment options. Arrangements for deferred or other repayment options must be made directly with the lender and is at their discretion.

Private Loans

In addition to the loan programs listed above, students may be eligible for private loans. For more information visit the FinAid website.