Loans are available for educational purposes, but must be repaid. Student loans typically can be deferred while enrolled on at least a half-time basis. Loans also are available for parents to help pay expected out-of-pocket costs.
Please note: You must complete the FAFSA to receive any of the following federal loans.
Federal Subsidized Direct Loans
Federal Subsidized Direct Loans are low interest loans with a 4.66% interest rate for loans with first disbursements on or after July 1, 2014 and are available to undergraduate students enrolled at least half-time who qualify based on need or income.
"Subsidized" means that the federal government will pay all interest on your loan until you begin repayment, which will start six months after you graduate or cease to be enrolled at least half-time. To receive this loan, Direct Loan Entrance Counseling and a Federal Direct Loan Master Promissory Note must be completed online.
Federal Perkins Loan
A Federal Perkins Loan is a low-interest (5%) loan for both undergraduate and graduate students with financial need.
The amount you can borrow is based on your level of need and the school’s funding level. Your school is your lender. The loan is made with government funds, and your school contributes a share. Interest does not accrue on the loan while you are enrolled at least halftime, during the grace period or during eligible deferments. You have a nine-month grace period before the first payment is due. You must repay this loan to Thiel College. If you are awarded a Federal Perkins Loan, a Perkins Loan Master Promissory Note must be signed before the funds will be released.
Federal Unsubsidized Direct Loan
Unlike the Federal Subsidized Direct Loan, Unsubsidized Direct Loans are not based on need or income.
All undergraduate students enrolled at least half-time and families of income levels that do not qualify for Subsidized Direct Loans have access to Unsubsidized Direct Loans. Most features are the same as the Subsidized Direct Loans. The interest rate on the Unsubsidized Direct Loan is 4.66% for loans disbursed on or after July 1, 2014. You are responsible for all the interest from the day the loan is made. You may pay the interest quarterly or add the accrued interest to the principal when repayment begins. A Federal Direct Loan Master Promissory Note must be completed online to receive this loan and first time borrowers are also required to complete Direct Loan Entrance Counseling at the same site.
Direct Parent Loan for Undergraduate Students (PLUS)
PLUS Loans are low cost federally insured loans to parents of dependent undergraduate students enrolled at least halftime.
The interest rate is a fixed rate of 7.21% on loans disbursed on or after July 1, 2014. As a parent, you may borrow through a PLUS Loan to meet your student’s educational costs, less any other financial aid that your student may have been awarded. Eligibility is not based on need or income, but parents must not have an adverse credit history. Normally repayment of the Direct PLUS Loan begins 60 days after the last disbursement. However, if you're a parent PLUS borrower, you can defer repayment of Direct PLUS Loans; while the student for whom you obtained the loan is enrolled at least half time, and for an additional six months after the student graduates or drops below half-time enrollment. You may complete the Parent PLUS Loan Application and the Parent PLUS Loan Master Promissory Note online.
A variety of alternative loan programs are available to students and parents that provide additional resources to meet education costs. You may borrow up to your cost of attendance, less any other financial aid that you may have been awarded. Thiel College encourages students to exhaust their scholarship, grant and federal student loan options before applying for a private student loan.
Most lenders require the student to have a credit worthy co-borrower or cosigner on the loan unless the student has established a two-year credit history. Those considering this type of funding should compare all loan programs and determine which is best for them. Remember, you may select any lender when borrowing an alternative loan. For more information on loan programs, access to online applications and the ability to compare lenders, visit the ELMSelect website.
The loans listed are not ranked and rotate in a random order. Neither Thiel College, nor the Financial Aid Office, endorses or recommends any of these products or lenders by including them on this list.