Other Federal and State Loans
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Federal Direct Parent Loan for Undergraduates (PLUS) is a fixed 7.9 percent 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 creditworthiness, the student may borrow additional amounts under the Unsubsidized Direct Loan program. The Parent Plus Loan MUST be applied for online.
The Federal Perkins Loan Program provides low-interest loans (fixed at 5 percent) to help needy students finance the costs of post-secondary education. Funding of the Perkins Loan program is limited at Salem State University. Eligibility is determined by the financial aid office and funding is limited.
The Federal Nursing Student Loan is a low-interest (fixed at 5 percent) federal loan. It is for both undergraduate and graduate students admitted to the College of Health and Human Services and who are enrolled at least half time. Funding of the Federal Nursing Loan program is limited at Salem State University. Eligibility is determined by the financial aid office and funding is limited.
All students accepting any of the above mentioned loans MUST sign a promissory note. Depending on the loan offered, signing may be required each year the award is offered.