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Federal Perkins Loan
The University participates in the Perkins Loan program. Eligibility is based on need. The loan ceiling for undergraduates is $27,500; annual loan limits are $5,500 for undergraduates. No interest accrues on these loans before graduation or withdrawal from university. 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. The subsidized loan is based on need; the federal government “subsidizes” the interest on this loan while the student is in school. The unsubsidized is not need-based; it is available to students regardless of personal or family income, but the student pays the interest on it while he/she is in school. Students are under full obligation to repay either loan six months after graduation or when they drop below the required course load.
PLUS Loans
A Federal PLUS loan is a low interest rate installment loan to help parents or legal guardians pay for their dependent students’ post-secondary education.
Apply for a Federal Loan
Both the Stafford Loan and the PLUS Loan require you to complete a Master Promissory Note (MPN). To complete an MPN, follow the instructions on www.studentloans.gov. You will need your Federal Student Aid PIN to use the studentloans.gov site.
Online Loan Counseling
Students who borrow under the Federal Family Education Loan Program or the Federal Direct Loan Program are required to complete counseling before loans can be certified. You may complete your counseling requirements by going to www.studentloans.gov . If you have any questions as you complete the counseling requirements, you may contact the financial aid office at 1-800-752-7043, ext. 4, or (913) 682-5151, ext. 6450. Continue your counseling session by visiting Student Loan Transition Guide exit counseling.
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