Federal Perkins Loan Program
This federal loan program, which is administered by the college, provides loans to students who demonstrate financial need. Our Financial Aid Office determines the amount of the loan, and the loan is repayable at five percent interest beginning nine months after graduation or termination of studies. The loan may be repaid over a ten-year period. The average loan from this source at Randolph-Macon is approximately $2,000 per year. The maximum total amount that can be borrowed for undergraduate study is $12,000.
Federal Direct Subsidized Loan Program
This federal loan program provides loans to students who demonstrate financial need. The FAFSA determines eligibility for this loan. Students may borrow up to $3,500 for the first year, $4,500 for the second year, and $5,500 per year thereafter, for an aggregate of $23,000 for undergraduate study. The student begins repayment of principal and interest six months after graduation or termination of studies at an interest rate currently at 3.76% beginning July 1, 2016. Learn more about direct student loans.
Federal Direct Unsubsidized Loan Program
This lending option is available to students who do not qualify for the need-based Federal Subsidized Stafford Loan. It has the same terms as the Subsidized loan except that interest accrues on the principal loan amount while the student is in school. The student has the option of paying the accumulating interest or deferring it until the loan enters repayment. The application procedure is the same as for the Federal Direct Subsidized Loan. The student begins repayment of principal and interest six months after graduation or termination of studies at an interest rate currently at 3.76% beginning July 1, 2016. Students may borrow $2,000 more per year in addition to the annual amounts listed. Learn more about direct student loans.
The Federal Direct Parent Loan(PLUS)
The Federal Parent Loan for Undergraduate Students (PLUS) program is a federal endeavor to make comparatively low-interest loans available to parents of full-time post-secondary students. Parents may borrow up to the annual cost of the education less any financial aid at an interest rate currently at 6.31% beginning July 1, 2016. Repayment begins 60 days after the full loan has been disbursed. Some parents may be eligible for deferred repayment options. Arrangements for deferred or other repayment options must be made directly with the Direct Loans Program and is at their discretion. Students are not required to file a FAFSA for parents to qualify for a PLUS. Learn more about the PLUS program.
In addition to the loan programs listed above, students may be eligible for private education loans. Students apply directly with a bank or lender of their choice. Interest rates and repayment options differ per lender. Please contact your preferred lender. Learn more about private loans. You may also wish to visit FinAid website for additional information.