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Loans (Undergraduate Students)
Loans are a significant source of funding in higher education and the proper administration of these programs is critical to members of The Citadel family. The staff of The Citadel's Office of Financial Aid and Scholarships stands by the Code of Conduct established by the National Association of Student Aid Administrators (NASFAA) in carrying out the professional responsibilities associated with a variety of loan programs.
This list does not contain complete information about the loans, so additional information should be obtained from the Financial Aid Office before making a final loan decision.
Federal/State Loan Options
Completing Entrance Counseling and signing a Master Promissory Note are initial requirements for all Federal Stafford and Direct student loans.
**Those loans will not be paid to the account until the requirements are met.**
Upon graduation, leaving school, or dropping below half-time status, students with any Federal Student Loans must also complete Exit Counseling.
| Loan | Who | Priority | Limit | Interest Rate | Deadline | Repayment |
|---|---|---|---|---|---|---|
| Federal Perkins | at least 1/2 time degree seeking student | financial need |
$5500 a year
|
5% |
first-come |
begins 9 mo. after you graduate, leave school, or drop below half-time status |
| Subsidized Federal Stafford/Direct | at least 1/2 time degree-seeking student | financial need |
$3,500/yr, freshman $4,500/yr, sophomore $5,500/yr, all other years $23,000, total |
Fixed at 5.6% |
N/A |
begins 6 mo. after you graduate, leave school, or drop below half-time status |
| Unsubsidized Federal Stafford/Direct | at least 1/2 time degree seeking student | N/A |
$2000 and any unused Subsidized Stafford/Direct eligibility. Additional amounts available for independant students. |
Fixed at 6.8% |
N/A |
interest paid during in-school and deferment periods, otherwise same as Federal Stafford |
| Federal PLUS | parent of student | N/A |
up to the total cost of education minus other financial aid resources |
Fixed at 7.9% (Direct Loans) |
N/A |
begins 60 days after loan is fully disbursed |
| South Carolina Teacher's Loan | resident of SC studying to become a certified public school teacher in SC | First come, first served |
$2500/yr, freshman and sophomores $5000/yr, juniors and seniors |
Current Stafford rate plus 2% |
June 1 |
Loan can be cancelled at rate of 20% or 33% per year if you meet teaching obligations |
Private Loan Options
Private educational loans or alternative loans are available through many different lenders. We recommend that you explore the Federal Programs first as their terms and conditions are generally the most favorable. The following lenders are only recommended. You are encouraged to explore all of your options, including those lenders not listed here.
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