Graduate Education Loans
A loan is a type of financial aid that must be repaid. Students must complete an application and sign a promissory note (a legal obligation to repay) before the loan is disbursed. In addition, you may be required to participate in loan counseling prior to receiving your loan funds (Entrance Counseling), and again when you graduate or withdraw from Silver Lake College (Exit Counseling).
Federal Stafford Loans
Silver Lake College students enrolled at least half time in an eligible program may receive Federal Stafford Loans. Students interested in Stafford Loans must first file a Free Application for Federal Student Aid (FAFSA) and receive a financial aid award from Silver Lake College.
To apply for the loan(s) on your financial aid award, you must complete the loan application and promissory note steps online. As part of this process, you will be required to select a lender, and it is recommended that you keep the same lender for all your federal education loans. Silver Lake College does not promote preferred or recommended lenders. All borrowers are encouraged to carefully review benefits and terms offered before selecting their lender.
Subsidized Stafford Loans are available to students with demonstrated financial need. Payment on principal and interest are deferred as long as the student is enrolled at least half time. Effective July 1, 2006, the interest rate during repayment is fixed at 6.8%.
Graduate Loan Limits
- Each academic year$8,500
Unsubsidized Stafford Loans are awarded to students not eligible for the subsidized loan, and to independent students in addition to subsidized eligibility. Unsubsidized Stafford Loan limits are calculated in combination with any Subsidized Stafford Loan amounts. Interest accrues to the student while in school but may be deferred and capitalized prior to entering repayment. The interest rate is fixed at 6.8% beginning July 1, 2006.
Graduate Combined Stafford Loan Limits
- Each academic year$20,500
Cumulative Maximums
Graduate students may borrow up to $138,500, including their undergraduate Stafford Loans. Up to $65,000 may be subsidized.
Non-Federal (Alternative) Loan Programs
In addition to the federal loan programs, various private lenders offer education loans that may supplement other financial aid or assist students who are not eligible for federal loans. These include loans to students with and without co-signers. For more information on alternative loans, go to www.wasfaa.net/altloans/altloans.asp.
