A loan can be reduced or cancelled anytime during the loan period. Two-semester loans are disbursed half each semester. A small percentage of the loan is withheld for fees. The government pays the interest while you are in school on subsidized Stafford loans, while interest accrues on the unsubsidized. Entrance and Exit counseling is required so that you understand your loan obligations.
Monthly payments begin six months after leaving school.
The federal Parent Loan for Undergraduate Students allows parents who are credit-worthy to borrow up to the cost of education minus any other financial aid for their child. A small percentage of the loan is withheld for fees. To apply, complete Harding's PLUS Worksheet and return it to our office. Processing procedures are similar to the Stafford loan, except that lenders will do a credit check on applicants. PLUS loan borrowers are required to sign a new Promissory Note for each loan.