College Loans – Type of Financial Aid
Loans are always an option as a financial aid resource. But, loans do need to be paid back and often with interest. College loans should be considered carefully, especially what your pay-back plan will include. You can apply for loans at any time throughout the academic year.
Federal Perkins Loan Program
The Federal Perkins Loan Program provides long-term, low-interest loans to eligible undergraduate and graduate students admitted to an eligible degree program and enrolled, at least, half-time. Need-based eligibility is determined by analyzing your FAFSA. We recommend you apply early, as funds for this program are limited. Perkins loans have forgiveness programs for students going into certain fields, such as education, law enforcement and volunteer service.
Federal Direct Loan Program
- Subsidized Stafford Loan – based on need; no interest charged while you’re in school at least half-time
- Unsubsidized Stafford Loan – not based on need; interest begins accumulating immediately
PLUS Loan for graduate students and parents of dependent undergraduate students – unsubsidized loans subject to credit approval that help pay for education expenses; interest begins accumulating immediately
Federal Loan Maximums for Stafford Loans
Below are the maximum amounts you can borrow each academic year in federal Stafford loans:
Your “year” is determined by the number of credits you have completed:
Freshman = 0 – 44 credits
Sophomore = 45 – 89 credits
Junior = 90 – 134 credits
Senior = 135 – 180
Contact Us – Office of Financial Aid
Not finding what you need? We’re here to help. Contact the Financial Aid team and we’re happy to answer your questions.
503.699.6253 (real humans do answer the phone, M – F from 8 a.m. – 5 p.m. PDT)
Private Education Loans
We strongly encourage you to apply for federal loans before seeking education funding through a private loan. If you decide to pursue a private education loan, the ELMSelect website can help you make an informed decision. This site allows you to quickly and accurately compare interest rates and loan terms of multiple private loan lenders side by side.
The Marylhurst Office of Financial Aid follows a strict code of conduct in providing guidance to students who are seeking private education loans.