A loan is money you can borrow that must be repaid once you either a) graduate, or b) are enrolled in college less than half time. Loans can help bridge the financial gap left after you receive other types of financial aid. They can be an important resource for investing in your future.
Funding for federal loan programs subject to annual budget decisions.
Federal student loans
- Federal loans for students have fixed interest rates and can be interest free while in school for those who demonstrate financial need. Payments are deferred while you are in school at least half time.
- The Federal Direct PLUS loans (Parent Loan for Undergraduate Students) are federal loans that graduate students and parents of dependent undergraduate students can use to help pay for college.
- These 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 are not guaranteed by the federal government.
- Subsidized loans
- Won't accrue interest while you are enrolled at least half time (6 credit hours), in deferment (postponed with approval) or in your grace period.
- Unsubsidized loans
- Accrue interest while you're in school. Interest payments are not mandatory while you're in school, but any interest accrued will turn into principal once the loan is in repayment.
- Payment of the loan to your tuition, room & board account at Calvin. For a full year student, this will happen once in the fall and once in the spring.
- Promissory note
- Binding legal document that MUST be signed by the student for a student loan. It lists conditions, rights and responsibilities of borrowing and repayment. For Perkins Loans, this must be signed every year. For Federal Direct Subsidized/Unsubsidized Stafford Loans and PLUS Loans, this must only be signed once (Master Promissory Note).
- For private loans, this is the person who will be responsible for making payments if the primary borrower becomes unable or unwilling to make payments on the loan. A parent, spouse or other relative may be a good candidate for co-signing. All of our alternative loan preferred lenders strongly suggest a co-signer in order to obtain the best interest rates and repayment terms possible.
If you discontinue your education for any reason, you must contact the office of financial aid regarding your loans. You must also complete exit loan counseling.
If you wish to reduce or cancel your loan(s) or wish to sign a paper promissory note instead of the electronic note, please contact our office.