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). To understand the difference between federal education loans and private borrowing options, please visit the Federal Student Aid website.
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|
Federal Perkins As of 2015-16: current recipient renewals only
|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
|Disbursed between 7/1/15 & 7/1/16 = 4.29%; After 7/1/16 3.76%||1.068% between 10/1/15 & 10/1/16; After 10/1/16 1.069%||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 between 7/1/15 & 7/1/16 = 4.29%; After 71/16 3.76%||1.068% between 10/1/15 & 10/1/16; After 10/1/16 1.069%||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 between 7/1/15 & 7/1/16 = 6.84%; After 7/1/16 6.31%||4.272% between 10/1/15 & 10/1/16; After 10/1/16 4.276%||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 between 7/1/15 & 7/1/16 = 5.84%; After 7/1/16 5.31%||1.068% between 10/1/15 & 10/1/16; After 10/1/16 1.069%||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 between 7/1/15 & 7/1/16 = 6.84%; After 7/1/16 6.31%||4.272% between 10/1/15 & 10/1/16; After 10/1/16 4.276%||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 scstudentloan.org||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 totalv>||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.
Click on the image to compare the features of a few private education loans used by Citadel students.