Loans

Federal Subsidized Stafford Loan    Federal Unsubsidized Stafford Loan    
Federal Parent Loan (PLUS)     Private Loans

Numerous types of loans for college students and parents are available.

Federal Subsidized Stafford Loan

Eligibility is based on the results of your FAFSA. For loans beginning July 1, 2006, the interest rate is fixed at 6.8%. Interest and repayment begin six months after you graduate or are no longer enrolled in college at least half-time.

Federal Unsubsidized Stafford Loan

Any student who files a FAFSA and is not eligible for the subsidized Stafford Loan may be eligible. For loans beginning July 1, 2006, the interest rate is fixed at 6.8%. Interest will accrue while you are enrolled in college. You may choose to make payments on the interest while in school or let it capitalize until you graduate. Repayment begins six months after you graduate or are no longer enrolled in college.

Federal Parent Loan (PLUS)

PLUS loans are available to parents who have a dependent child enrolled in college. The loans are guaranteed by the Federal Government. For loans beginning July 1, 2006, the interest rate is fixed at 8.5%. Financial need is not a prerequisite for borrowing, but the parent must meet credit requirements. Repayment begins 60 days after the loan has been fully disbursed, with a minimum monthly payment of $50.

Private Loans

Private ("alternative") student loans are available to help students bridge the gap between funding and expenses. There are several different options available through private loan companies. Each of these is dependent on credit and may require a cosigner. Mercy College does not recommend or promote any specific loans or loan companies. For more information, please contact the financial aid office.