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Financial Aid: Loans
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 five percent 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
$2,000 per year. The maximum total amount that can be borrowed for
undergraduate study is $12,000.
Federal Stafford Loan Program
This federal loan program provides loans to students who demonstrate
financial need. The college determines eligibility for this loan.
The Financial Aid Office will provide a list of recommended lenders
along with your award package. Students may borrow up to $3,500
beginning 2007-2008 for the first year, $4,500 beginning 2007-2008
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%.
Unsubsidized Federal Stafford Loans
This lending option is available to students who do not qualify
for the need-based Federal 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 deferring it until
the loan enters repayment. The application procedure is the same
as for the Federal Stafford Loan.
Plitt Parent Loan
The Plitt Parent Loan Fund, through Randolph-Macon College,
offers loans of up to $15,000 per academic year. 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. The rate of interest currently is 5.0% (new loans only). Inquiry
should be made to the Financial Aid Office.
The Federal Parent Loan for Undergraduate Students (PLUS)
The Federal Parent Loan for Undergraduate Students (PLUS) program
is a federal endeavor 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 for more information.