Loans
Loans are financial aid that must be repaid, with interest. Few students can afford to pay for college without some form of educational financing. Most students find that they must supplement their savings with loans.
Federal Loans
Federal loans have fixed interest rates and are backed by the federal government. While all U.S. students who complete the FAFSA qualify for federal loans, the type of loan offered depends on the family's financial need. Some federal loans are interest-free while the student is in school. Repayment of federal loans begins six to nine months after a student has left school or has graduated.* Accepting federal loans will not adversely affect other financial aid for which students qualify.
More questions? See the Federal Loan FAQs »
| Federal Loan | Eligibility | Yearly Award Amount | Interest Rate | How to apply |
|---|---|---|---|---|
| Federal Perkins Loan | Financial Need (preference given to students in their 1st and 2nd year with greatest financial need) | up to $5,000 | 5% fixed interest, paid by government while student is in school | Submit FAFSA annually |
| Federal Direct Subsidized Stafford Loan (dependent & independent students) |
Financial Need Student must be enrolled at least half time |
$3,500 1st year** $4,500 2nd year** $5,500 3rd year and following** $8,500 for graduate students |
3.4% fixed interest, paid by government while student is in school |
Submit FAFSA annually |
| Federal Direct Unsubsidized Stafford Loan (dependent student) |
No Financial Need Student must be enrolled at least half time |
$5,500 1st year $6,500 2nd year $7,500 3rd year and following $12,500 for graduate students |
6.8% fixed interest Students may repay interest while in school |
Submit FAFSA annually |
| Federal Direct Unsubsidized Stafford Loan (independent student) |
No Financial Need Student must be enrolled at least half time |
$9,500 1st year $10,500 2nd year $12,500 3rd year and following |
6.8% fixed interest Students may repay interest while in school |
Submit FAFSA annually |
| Federal Direct Parent Loan for Undergraduate Students (PLUS)* | Parent of an undergraduate student who passes credit check | Up to cost of attendance minus other financial aid | 7.9% fixed interest plus 2.5% fee Parents may repay interest while student is in schoolc |
Complete the |
| Federal Direct Parent Loan for Graduate Students (PLUS)* | Graduate student who submits FAFSA and passes credit check | Up to cost of attendance minus other financial aid | 7.9% fixed interest plus 2.5% fee | Complete the PLUS loan application annually |
*In order to defer payment on the Federal Direct PLUS Loan, parents must contact Direct Loans at 800-848-0979.
**Students who receive the maximum Federal Direct Subsidized Stafford Loan are still eligible for an additional Federal Direct Unsubsidized Stafford Loan with combined totals up to the amount listed under the Unsubsidized Loan.
Alternative Loans
Also known as private loans, alternative student loans are offered by banks or lending institutions to help students and parents bridge the gap between the cost of education and financial aid already received. These loans have variable interest rates and are not guaranteed by the federal government. Terms and conditions can vary according to specific lender guidelines. Compare alternative loans side-by-side »
MedCAP Loan
Students who have been accepted into the nursing program at Calvin can apply for the MedCAP Alternative Loan for Health Professionals. Rates and options may differ from traditional alternative loans.
More questions? See the Alternative Loan FAQs »
Canadian Loans
Canadian students can apply for loans through their Provincial or Territorial Assistance Offices.
Loan recipients who withdraw or discontinue their education should contact the Office of Admissions and Financial Aid regarding their loans.
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