The College participates in the Perkins Loan program. Eligibility is based on need. No interest accrues on these loans before graduation or withdrawal from college.
Interest thereafter is paid at the rate of five percent per year.
The loan can qualify for cancellation under certain conditions as long as the borrower is not in default. Contact the Financial Aid Office for the list of cancellation conditions. Federal Stafford Loans There are two kinds of federal Stafford loans. Students are under full obligation to repay either loan six months after graduation or when they drop below the required course load. A Federal PLUS loan is a variable interest rate installment loan to help parents or legal guardians pay for their dependent students' post-secondary education.