Student loan programs offer low interest rates. Most loans offer delayed repayment, which means that you do not begin loan payments until after you graduate. The Financial Aid Office must certify each student loan application. This will assist you in determining the amount to borrow.
Stafford Loan dollars come from the federal government through the William D. Ford Federal Direct Loan Program. The Federal Stafford Direct Loan is a loan that must be repaid after graduation or withdrawal. A student must be enrolled at least half time to be eligible for a Stafford Loan. A subsidized Stafford Loan is need-based and the federal government pays the interest while the student is enrolled in college. An unsubsidized Stafford Loan is not need-based; therefore, the student is responsible for paying the interest while he/she is in school.
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is limited to parent borrowers and can be obtained from the government. The 2023-24 PLUS Loan has a fixed interest rate capped at 8.05%. Repayment begins within 60 days after the loan is disbursed and can extend over 10 years.
Apply for a PLUS Loan
Alternative/Private Loan Options
In some cases, alternative/private loans have interest rates, repayment terms, and deferment options that are less favorable than those of the Direct Loan Programs. FastChoice will help educate students and will provide an historical listing of alternative loan lenders that Centre College students have used over the last four years. Centre College does not rank, recommend, promote, or endorse any of these lenders. We strongly encourage you to review each lender’s information considering interest rates, loan fees, repayment terms, and deferment and forbearance options before choosing a lender. The student is free to choose any lender.