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What Is Available? 

 

 Federal Parent Plus  |  Federal Perkins Loan  |  Federal Direct Loans  

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Federal Parent Plus

Parents with a good credit history may be eligible for a loan to pay the education expenses of each child who is a dependent undergraduate student enrolled at least part-time.

APPLY!	Sign in at studentloans.gov to endorse a PLUS loan.
APPROVED?	A PLUS Loan application will be certified by Delta State and forwarded to the Department of Education. Loan funds will be sent to Delta State at the beginning of the semester.
NOT APPROVED?	Financial Aid counselors will determine if you are eligible for other financial aid funds

 

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Federal Perkins Loan

A Federal Perkins Loan is a low-interest (5%) loan for students with exceptional financial need. Delta State is your lender, and the loan is made with government funds with a share contributed by the school.

The Perkins Loan will be repaid to Delta State beginning 9 months after you graduate, leave school, or drop below half-time status. Your monthly payment amount will depend on the size of your debt and the length of your repayment period.

 

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Federal Direct Loans

APPLY!

1. Students must complete a FAFSA (link) application each school to determine eligibility for direct loans. Loans must be repaid.
2. All students that receive a student loan must visit studentloans.gov to complete a new Master Promissory Note and new Loan Entrance Counseling.  Loan funds cannot be paid to a student until this occurs.
    

There are two types of Federal Direct Loans:

Subsidized Stafford Loan	Federal Direct Unsubsidized Loan
variable interest rate of up to 8.25% part-time or full-time students loan does not accrue interest as long as the student is continually enrolled in 6 or more credit hours per semester	variable interest rate of up to 8.25% eligibility is regardless of family income interest begins accumulating immediately, while enrolled several repayment options are available

 

Direct Student Loan Maximums:

Many students do not qualify for the maximum loan amount. The maximum is the most a student might be able to borrow. Many students are eligible for an amount less than the maximum.

Dependent Undergraduates

Classification	Subsidized	Total (Subsidized & Unsubsidized)
Freshman	$3,500	$5,500
Sophomore	$4,500	$6,500
Junior, Senior	$5,500	$7,500

 

Independent Undergraduates

Classification	Subsidized	Total (Subsidized & Unsubsidized)
Freshman	$3,500	$9,500
Sophomore	$4,500	$10,500
Junior, Senior	$5,500	$12,000

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