FSL's may be subsidized or unsubsidized . To qualify for a subsidized FSL, a student must demonstrate need according to federal guidelines. For any subsidized FSL funds a student receives, the federal government pays the interest while the student is in school, a grace period, or deferment. Unsubsidized FSL's are available to students who do not or only partially qualify for subsidized funds. With unsubsidized FSL's, the student is responsible for paying the interest.
Interest begins to accrue immediately and is payable while the student is in school.
The principal payments are still deferred. A student may apply for and receive funds from both subsidized and unsubsidized FSL loans simultaneously. Repayment begins within 60 days of check disbursement. The maximum yearly borrowing limit is the student's cost of education as determined by Francis Marion University minus any other financial assistance. Interest of 5 percent begins to accrue at repayment, which is 9 months after a student ceases to be enrolled half-time.