Loan Program Information
Stafford Loans
Federal Stafford loans are the most common source of college loan funds. There are two types:
- Subsidized Stafford loans are need-based, and the government pays the interest on these loans while you are in school, during a six-month grace period immediately preceding repayment, and during authorized deferment.
- Unsubsidized Stafford loans are not need-based, and you are responsible for all of the interest that accrues on the loan, including while you are in school.
$2000 Stafford Unsubsidized Loan Increase for Eligible Students
July, 2008 - Effective July 1, 2008 the U.S. Congress passed into law legislation that allows eligible undergraduate Stafford loan borrowers to borrow an additional $2000 unsubsidized Stafford loan for the 2008-2009 academic year. Under the provisions of the unsubsidized loan, interest will accrue while you are in school. The current interest rate is 6.8%. If possible it is advisable to pay the interest while you are in school. Otherwise it will be added on to the principal balance.
Stafford Loan Lenders
June, 2008 - With the financial aid industry in a state of change and uncertainty, we want to update you on the Federal Family Education Loan Program (FFELP/Stafford). Although reports of lenders withdrawing from FFELP are in the news, there are more than 2,000 lenders making FFELP loans to borrowers. We want to help alleviate any doubts or concerns about your ability to borrow Stafford loans in the coming academic year. Please be assured that FFELP continues to be a sound option for our students now and in the future. We will provide more info as it becomes available. If you have any questions or concerns, call us at 978-542-6112 or email us at finaid@salemstate.edu
Federal Perkins Loan, Nursing Loan & MASS No Interest Loan
If you're awarded a Federal Perkins Loan for fall and spring, your Perkins note is signed once an academic year. MA No Interest loans are also signed once an academic year. Nursing notes are signed each semester. If awarded loans only for one semester, you'll sign once for that semester.
Loan notes and entrance counseling materials will be mailed to your permanent address and must be signed and returned. Failure to do so results in loan cancellation. If funds are awarded after the start of school, come to Financial Aid to sign notes and for entrance loan counseling. For incoming students, loan counseling is also done at Orientation.
Please note that if you receive a revised award during the year, a promissory note must be signed for any additional funds awarded. When you terminate your studies at SSC, you must have an exit interview. Your loan obligations and repayment conditions are explained then.
MEFA Loans are Available!
September, 2008 Boston - The Massachusetts Educational Financing Authority announced it will immediately begin offering affordable, fixed interest rate MEFA Loans to families of undergraduate and graduate students for academic year 2008-2009 after successfully raising $400 million in financing through the sale of bonds.
Federal Parent Loan for Undergraduate Students (PLUS)
Federal Parent Loan for Undergraduates (PLUS) is a variable interest rate loan taken out by the parent on behalf of a dependent student. It is based on creditworthiness. Families may borrow up to the cost of education minus other aid. Payment begins immediately. If a dependent student's parent is denied based on credit worthiness, the student may borrow additional amounts under the Unsubsidized Direct Loan program. To apply for a Parent PLUS Loan please apply from our front page or call 1-800-999-9080 extension 5015. Please indicate you are applying for a PLUS loan.
Alternative Loan Programs
- CitiAssist
- Sallie Mae Signature
- Campus Door
- College Loan Corp
Please apply for alternative loans from our front page
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