Financial Aid at Thomas More College

Loans

Once you file your FAFSA, you may be eligible for three types of federal loans: the Stafford Loan, Perkins Loan, and Parent PLUS Loan.

Stafford Student Loan

  • Almost all students are eligible for a Stafford Loan.
  • Amounts range from $5,500-$20,500, depending on grade level and dependency status.
  • Interest on the loans is fixed and may be subsidized or unsubsidized.
  • Subsidized Stafford Loans have a 3.4 percent interest rate (6.8 percent for graduate students); unsubsidized Stafford Loans have a 6.8 percent interest rate.
  • Repayment begins six months after a student graduates or ceases to be enrolled at least half-time.
  • Click here to apply for a Stafford Loan.

Perkins Loan

  • Loan made through Thomas More College.
  • Loans have a 5 percent interest rate, and interest is subsidized.
  • Repayment begins nine months after a student graduates or ceases to be enrolled at least half-time.

Parent PLUS Loan

  • Parents borrow money for their students.
  • Parents must pass a credit check to receive the loan. If a parent is denied, the student will be eligible for more unsubsidized Stafford funds.
  • Interest is unsubsidized and fixed at 7.9 percent.
  • Borrowers may choose to begin repayment immediately or six months after their student graduates or ceases to be enrolled at least half-time.
  • Click here to apply for a Parent PLUS Loan.

*2011-2012 amounts