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East Tennessee State University participates in the Federal Family Educational Loan (FFEL) Program in an effort to meet students' needs.
The Free Application For Federal Student Aid (FAFSA) must be completed before eligibility can be determined. Programs available:
Federal Perkins Loan Program:
Federally funded loans borrowed from the university at five percent interest for both undergraduate and graduate students. Repayment begins nine months after a student ceases at least half-time attendance.
Federal Stafford Loan Program:
Stafford loans are awarded based on a student's dependency status, financial need, cost of attendance, and grade level. Both undergraduate and graduate students may borrow in this program. These loans will be subsidized when based on need and the federal government will pay the interest while the student remains enrolled at least half-time. Unsubsidized loans are also available based on the student's cost of attendance and other financial aid. These loans require the student to pay or accrue the interest while enrolled, although the principal amount of the loan is deferred. Borrowers begin repaying both subsidized and unsubsidized Stafford loans at the end of at least half-time enrollment.
The interest rate is a fixed 6.8%.
GradPLUS Loans:
New PLUS loan program to help graduate students and
professional students pay for college - Effective for loans
certified by the educational institution on or after July 1, 2006, a
graduate student or professional student may borrow a Federal PLUS
Loan! With benefits similar to the traditional PLUS loan for
parents, the graduate student PLUS loan program (Grad PLUS) allows
graduate students or professional students to borrow up to the cost
of education at a particular institution minus any other financial
aid.
Federal Parent Plus Loan Program:
Federal PLUS loans are available to parents of undergraduate students. Repayment begins 60 days after the loan is disbursed, and continues while the student is enrolled. The maximum repayment period is 10 years.
The interest rate is a fixed 8.5%.
Remember, you may
request your student/parent loan through any lender. If your
lender is not shown on the Lender Selection Form, you may write in
the name of the lender you wish to borrow from and you must provide
ETSU with the application.
Please be aware that
the benefits offered by lenders to student loan borrowers vary and
are subject to change. Before selecting a lender, please
contact various lenders of interest and review their borrower
benefits to determine which lender best meets your educational
borrowing needs. The lenders listed in our Preferred Lender
list have demonstrated their commitment to offering ETSU students
the best overall terms and services over the life of their loan.
ETSU does not receive
any monetary benefit from any lender.
HOW DOES
ETSU SELECT ITS PREFERRED LENDERS?
Our preferred lenders are
selected on the basis of:
·
Ability to
transmit/process loan information electronically
·
Advantages
offered to students
·
General
student feedback, student preferences over time
·
Track
record of performance with ETSU
·
General
input from the business community; professional contacts in the
student financial aid community, and ongoing review of appropriate
professional business and trade journals
·
Determinations are made on an annual basis by the Director in close
consultation with the Assistant Directors
Counselors are available to assist students with any questions or concerns regarding their
eligibility. Contact Us!
Code of
Conduct and Student Bill of Rights
Early Loan Consolidation: Is it for Me?
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