Loans

Federal Perkins Loan
This loan is administered by the Office of Financial Aid. The current interest rate is 5 percent with repayment beginning six months after graduation or withdrawal from school.

Federal Stafford Loan
This loan is a federally subsidized and deferred-interest loan program. Interest for new borrowers is variable, based on a 91-day Treasury Bill plus 3.1 percent (capped at 8.25 percent) and does not begin to accrue until six months after the student ceases to be enrolled at least at the half-time level. The repayment period is usually 10 years. A three (3) percent loan origination/insurance fee will be deducted from the loan proceeds of an eligible applicant.

The Federal Stafford Loan is often included in the financial aid package of a student receiving financial assistance. Application for the Stafford Loan will be mailed to the student's home address during the summer.

Unsubsidized Federal Stafford Loan
This program is available to students who may not qualify for the subsidized Federal Stafford Loan. The same terms and conditions of this program are applicable as the Stafford Loan except that the borrower is responsible for interest that accrues while in school. The student may choose to make no principle or interest payments while in school and have the loan capitalized.

Annually the student can borrow the difference between the cost of education and other financial aid with maximums as listed below:

Annual Federal Loan Limits (Federal Stafford plus Federal Unsubsidized Stafford)

1st year students	$3,500.
2nd year students	$4,500.
3rd and 4th year students	$5,500.
Graduate students	$8,500.

Federal Plus Loan For Parents
This federally guaranteed loan is available to parents of students to assist with their daughters' and sons' post secondary educational costs. Parents can borrow annually up to the difference between the cost of education and student aid at low interest rates with convenient repayment terms.

The interest rate is variable based on the 52-week Treasury Bill plus 3.1 percent and capped at 9 percent. Currently, the interest rate is less than 9 percent. Parents usually take 10 years to repay this loan but can opt for longer repayment periods. Parents who have no adverse credit history are eligible for PLUS Loans.

The application process is outlined on our website under PLUS LOANS at Le Moyne College; How Do I Apply? The application process should be completed by June if intended to pay for the fall semester bill.

Contact the Le Moyne College Financial Aid Office for additional information:
Phone: 315-445-4400
Fax: 315-445-4182
E-Mail: financialaid@lemoyne.edu