Federal Perkins Loan is a low interest government funded loan offered to needy students. Federal PLUS Loan is designed to allow parents of dependent students to apply for a loan to help pay for the student s educational expenses. Students must be enrolled at least half-time. A credit check is performed by the Loan Servicing Center on all applications. Parents may borrow up to the cost of education minus any aid the student is eligible to receive.
Monthly payment begins shortly after the loan has been disbursed.
There is a four percent origination fee deducted from the loan amount. An Alternative Loan is offered to eligible students who would otherwise be ineligible for federal funds. Students are encouraged to first apply through the regular process unless suspended from financial aid. Alternative Loans are made available through banks and other lending agencies. Most alternative lenders conduct a credit check to determine qualification.