Loan Programs
Stafford Loans
Federal Stafford loans are the most common source of college loan funds.
There are two types:
Subsidized Stafford loans are need-based, and the government pays the interest on these loans while you are in school, during a six-month grace period immediately preceding repayment, and during authorized deferment.
Unsubsidized Stafford loans are not need-based, and you are responsible for all of the interest that accrues on the loan, including while you are in school.
2008-09 Recommended Lenders Coming Soon!
Salem State College is compling a list of recommended Stafford Loan lenders. In choosing our recommended lenders we look for borrower benefits at the beginning of the loan and borrower benefits when the loan is in repayment. We also look for lenders who will service the loan through repayment or lenders who contract with the same servicer during repayment. Check back soon for updated info.
Federal Perkins Loan, Nursing Loan & MASS No Interest Loan
If you're awarded a Federal Perkins Loan for fall and spring, your Perkins note is signed once an academic year. MA No Interest loans are also signed once an academic year. Nursing notes are signed each semester. If awarded loans only for one semester, you'll sign once for that semester.
Loan notes and entrance counseling materials will be mailed to your permanent address and must be signed and returned. Failure to do so results in loan cancellation. If funds are awarded after the start of school, come to Financial Aid to sign notes and for entrance loan counseling. For incoming students, loan counseling is also done at Orientation.
Please note that if you receive a revised award during the year, a promissory note must be signed for any additional funds awarded. When you terminate your studies at SSC, you must have an exit interview. Your loan obligations and repayment conditions are explained then.
The MassPlan Family Education Loan
www.mefa.org
This low-interest loan is an alternative loan program for families of dependent students who need additional assistance. Applications will be mailed in early summer to families of all dependent students who file a FAFSA. They are also available in Financial Aid. The loan is subject to credit approval. Families can borrow up to the cost of education. Approved borrowers can select either a fixed or variable interest rate. Fixed rates are set annually with the variable rates adjusted monthly. Payment begins immediately. Contact us for further info. The MEFA Loan is also available to Canadian families. It is available to students from other countries if a credit-worthy U.S. sponsor is willing to be the primary applicant.
Federal Parent Loan for Undergraduate Students (PLUS)
Federal Parent Loan for Undergraduates (PLUS) is a variable interest rate loan taken out by the parent on behalf of a dependent student. It is based on creditworthiness. Families may borrow up to the cost of education minus other aid. Payment begins immediately. If a dependent student's parent is denied based on credit worthiness, the student may borrow additional amounts under the Unsubsidized Direct Loan program. To apply for a Parent PLUS Loan please check out loan information below or call 1-800-999-9080 extension 5015. Please indicate your are applying for a PLUS loan.
Alternative Loan Programs
- TERI, Plato, and Signature Loans. For information, contact TERI at 1-800-255-TERI
- Plato at 1-800-GOPLATO
- Signature at 1-800-695-3317
- The MassPlan Family Education Loan Federal
- Parent Loan for Undergraduate Students (PLUS)
Resources
|
