14 L I N N- B E N T O N C O M M U N I T Y C O L L E G E 2 0 1 3- 2 0 1 4 C A T A L O G
Student Loans – Cont.
Unsubsidized Federal Direct Student Loans
Eligibility Requirements Amounts Available Special Information
• Students who are not eligible for subsidized Federal Direct Loans are eligible for unsubsidized loans, regardless of need.
• Be enrolled at least half time( six or more credits per term) in a certificate- or degree-granting program.
• Dependent students may borrow up to an additional $ 2,000 yearly.
• Independent students may borrow up to an additional $ 6,000 yearly.
• Students may borrow up to the same limits as their Federal Direct Loan limits less any subsidized loan received.
• Loan conditions are similar to the subsidized Federal Direct Loan except that the borrower is responsible for the interest on the loan while attending school.
• The interest rate on an unsubsidized Federal Direct Loan is fixed at 6.8 percent.
Federal Plus Loans
• These loans are available to parents of dependent undergraduate students regardless of need.
• Loans require credit check
• FAFSA must be filed.
• Be enrolled at least half time( six or more credits per term) in a certificate- or degree-granting program.
• Parents may borrow up to the difference between the student’ s estimated cost of attendance and any financial assistance annually for each dependent student.
• There is no longer an aggregate maximum under this program.
• The amount of Federal PLUS is limited by the amount of other aid the student receives. The loan amount cannot exceed the difference between the cost of attendance and estimated financial assistance.
• Your FAFSA aid application must be completed and processed before your eligibility for the PLUS Loan can be determined.
• Federal PLUS loans may be used to substitute for the family contribution.
• Federal PLUS loan checks are co-payable to the parent and the school and must be disbursed in at least two installments.
• Interest is fixed at 7.9 percent.
• There is no federal interest subsidy on PLUS Loans.
• A 4 % loan origination fee is charged.
• Repayment of principle and interest begins 60 days after disbursement; if the parent borrower qualifies for a deferment, repayment of principle only is deferred. Interest must be paid unless it is capitalized by the lender.
• Applications available at the Financial Aid office and its Web site: www. linnbenton. edu / go / financial-aid.
Eldon Schafer Student Loan Fund
Scholarships / Other
Scholarships
• Provides loans to students with shortterm needs.
• Determined by donor
• Students may borrow up to $ 200 beginning the first day of the term through the ninth week of the term.
• Determined by donor
• No loans will be made during final exam week or between terms. Only one loan per student per term is permitted.
• A $ 5 loan fee is charged.
• Loans must be repaid by the end of the seventh week of the term.
• Applications are available at the Business Office.
• Scholarship information is available from the Financial Aid office and its Web site: www. linnbenton. edu / go / financial-aid.
Tuition Reduction for the Unemployed |
• District residents who attend part time and are unemployed are eligible to apply. |
• 50 percent tuition reduction for up to six credits of enrollment. |
• Application available at Registration Office and Extended Learning centers. |
Golden Age Program |
• Oregon residents 62 years of age or older are eligible. |
• 25 percent tuition reduction. |
• Inquire at time of registration for classes at Albany campus or Centers. |
Career Information System( CIS) Aid Sort |
• Computer program identifies thousands of national, state and local sources of scholarships, loans and other awards. |
• Amount varies. |
• Call the Career Center, 541-917-4780, for an appointment at the computer to use AID SORT. |
Warning! If you receive federal and / or state aid based on inaccurate information, you will have to pay it back; you also may have to pay fines and fees. If you purposely give false or misleading information on any documents used to determine your aid eligibility, you may be fined $ 20,000, sent to prison, or both.