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Education Loan Programs

Loans are a significant source of student funding in higher education and the proper administration of these programs is critical to members of The Citadel family. The Citadel Office of Financial Aid & Scholarships operates by the Code of Conduct established by the National Association of Student Aid Administrators (NASFAA). 

Federal/State Education Loan Options

Entrance Counseling and signing a Master Promissory Note are requirements for all first time borrowers of Federal Stafford and Direct student loans. Loans cannot be processed until requirements are met. Students with federal loans complete Exit Counseling upon graduation, leaving school, or attendance under half-time status.

Loan Type
Who
Priority
Limit
Interest Rate
Origination Fee
Deadline
Repayment
UNDERGRADUATE

Federal Perkins
At least 1/2 time degree seeking student
Financial need
$4,000/yr
5% after graduate, leave school, or drop below half-time status
None
First-come, first served
Begins 9 mo. after graduate, leave school, or drop below half-time status.
UNDERGRADUATE
 
Subsidized Federal Stafford/Direct
At least 1/2 time degree-seeking student
Financial need
$3,500/yr, fresh
$4,500/yr, soph
$5,500/yr, jr/sr/+
$23,000, total
Disbursed after 7/1/14 4.66%
1.072%
N/A
Begins 6 mo. after graduate, leave school, or drop below half-time status.
UNDERGRADUATE
 
Unsubsidized Federal Stafford/Direct
At least 1/2 time degree seeking student
N/A
$2000 plus unused Subsidized eligibility.
Independent students are eligible for more.
Disbursed after 7/1/14 4.66%
1.072%
N/A
Interest accrues, otherwise same as Subsidized.
UNDERGRADUATE
 
Parent Direct PLUS
Parent of dependent undergraduate student
N/A
Up to the cost of attendance each year
Disbursed after 7/1/14 7.21%
4.288%
N/A
Begin repayment 60 days after disbursement, or deferred until full-time student graduates.
GRADUATE
 
Unsubsidized Federal Stafford/Direct
At least 1/2 time Masters Degree seeking student
N/A
Up to $20,500 each year, $138,500 total
Disbursed after 7/1/14 6.21%
1.072%
N/A
Interest accrues, otherwise same as Subsidized.
GRADUATE
 
Direct PLUS
Eligible Graduate & Professional students
Unsubsidized eligibility at maximum/year
Up to the Cost of Attendance, after unsubsidized loan
Disbursed after 7/1/14 7.21%
4.288%
N/A
Begins 6 mo. after graduation as long as student is continually enrolled.
GRADUATE
 
Federal Perkins
At least 1/2 time degree seeking student
Financial need
$8,000/yr
5%
None
First come, first served; limited funds 
Begins 9 mo. after graduate, leave school, or drop below 1/2 time status.
GRADUATE
 
SC Teachers Loan/ Career Changers
SC residents enrolled at least 1/2 time
N/A
Teachers Loan: $5,000/yr, $20,000 total
Career Changers: up to $15,000/yr, $60,000 total
Current Stafford rate plus 2%
As low as 1%
June 01: first come, first served
Loan can be cancelled at rate of 20% or 33% per year if teaching obligations met.

Information about different types of loans should be obtained from the Financial Aid Office before selecting a loan program to cover college costs.

Important information for Graduate and Professional Students

 

Private Education Loan Options

Students should consider the federal loan programs first because terms and conditions are typically the most favorable. However, a variety of private lending corporations offer alternative education loans. The Citadel uses a convenient one-stop service called FASTChoice to list and compare features of the education loans commonly used by Citadel students. It is recommended that families explore as many opportunities as possible.

fastchoice_logo

Click on the image to compare the features of a few private education loans used by Citadel students.