{"id":2520,"date":"2022-10-26T10:03:41","date_gmt":"2022-10-26T14:03:41","guid":{"rendered":"https:\/\/www.citadel.edu\/financial-aid\/?page_id=2520"},"modified":"2025-06-02T09:06:05","modified_gmt":"2025-06-02T13:06:05","slug":"education-loan-programs-2","status":"publish","type":"page","link":"https:\/\/www.citadel.edu\/financial-aid\/education-loan-programs-2\/","title":{"rendered":"Education Loan Programs"},"content":{"rendered":"\n<p>Student loans are long-term, low-interest loans, which come due only after enrollment has ended. (i.e. graduation, withdrawal from the university, or upon less than half-time enrollment).&nbsp;The Citadel&#8217;s Office of Financial Aid &amp; Scholarships operates by the <strong><a href=\"https:\/\/www.nasfaa.org\/Code_of_Conduct\">Code of Conduct<\/a><\/strong> established by the National Association of Student Aid Administrators (NASFAA).<\/p>\n\n\n\n<p>To understand the difference between <strong><a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\/federal-vs-private\">federal education loans<\/a><\/strong> and private borrowing options, please visit the Federal Student Aid website.<\/p>\n\n\n\n<p>Once awarded you must log into My Citadel Portal and the Financial Aid card to accept\/decline the awards.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-federal-state-education-loan-options\">Federal\/State Education Loan Options<\/h3>\n\n\n\n<p>Students who complete the FAFSA are automatically considered for the Federal Direct Loan program (Subsidized and\/or Unsubsidized Direct Loans). To maintain eligibility, the following requirements must be met.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Maintain Satisfactory Academic Progress<\/li>\n\n\n\n<li>Enrolled at least half-time<\/li>\n\n\n\n<li>Accepted into a degree seeking program<\/li>\n<\/ul>\n\n\n\n<p><strong><a href=\"https:\/\/studentaid.gov\/entrance-counseling\/\" target=\"_blank\" rel=\"noreferrer noopener\">Entrance Counseling<\/a><\/strong> and signing a <strong><a href=\"https:\/\/studentaid.gov\/mpn\/\" target=\"_blank\" rel=\"noreferrer noopener\">Master Promissory Note<\/a><\/strong> are requirements for all first time borrowers of Federal Direct student loans. Loans cannot be processed until requirements are met. Students with federal loans complete <strong><a href=\"https:\/\/studentaid.gov\/exit-counseling\/\" target=\"_blank\" rel=\"noreferrer noopener\">Exit Counseling<\/a> <\/strong>upon graduation, leaving school, or attendance under half-time status.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Loan Type<\/strong><\/td><td><strong>Who<\/strong><\/td><td><strong>Addt&#8217;l Info<\/strong><\/td><td><strong>Limit<\/strong><\/td><td><strong>Interest Rate<\/strong><\/td><td><strong>Origination Fee<\/strong><\/td><td><strong>Deadline<\/strong><\/td><td><strong>Repayment<\/strong><\/td><\/tr><tr><td><strong>UNDERGRADUATE<\/strong> Subsidized Federal Stafford\/Direct<\/td><td>At least 1\/2 time degree-seeking student<\/td><td>Based on Financial Need Aggregate limit $23,000<\/td><td>$3,500\/yr, fresh<br>$4,500\/yr, soph<br>$5,500\/yr, jr\/sr\/+<br><\/td><td>Disbursed between 7\/1\/25 &amp; 6\/30\/26 = 6.392%\u00a0<\/td><td>1.057% between 10\/1\/24 &amp; 10\/1\/25<\/td><td>N\/A<\/td><td>Begins 6 mo. after graduate, leave school, or drop below half-time status.<\/td><\/tr><tr><td><strong>UNDERGRADUATE<\/strong> Unsubsidized Federal Stafford\/Direct (Dependent Student Aggregate $31,000 including $23,000 from Subsidized Loan)<\/td><td>At least 1\/2 time degree seeking student<\/td><td>Aggregate limit for Dependent Students =$31,000<br>Aggregate limit for Independent students =$57,500<\/td><td>$2000 plus unused Subsidized eligibility. Independent students are eligible for more.<\/td><td>Disbursed between 7\/1\/25 &amp; 6\/30\/26 = 6.39%<\/td><td>1.057% between 10\/1\/24 &amp; 10\/1\/25<\/td><td>N\/A<\/td><td>Interest accrues, otherwise same as Subsidized.<\/td><\/tr><tr><td><strong>UNDERGRADUATE<\/strong> Parent Direct PLUS<\/td><td>Parent of dependent undergraduate student<\/td><td>Awarded up to Cost of Attendance (COA)<br><\/td><td>Up to the cost of attendance each year<\/td><td>Disbursed between 7\/1\/25 &amp; 6\/30\/26 = 8.94%.<\/td><td>4.228% between 10\/1\/24 &amp; 10\/1\/25<\/td><td>N\/A<\/td><td>Begin repayment 60 days after disbursement, or deferred until full-time student graduates.<\/td><\/tr><tr><td><strong>GRADUATE<\/strong> Unsubsidized Federal Stafford\/Direct<\/td><td>At least 1\/2 time Masters Degree seeking student<\/td><td>Aggregate limit= $138,500 total<br><\/td><td>Up to $20,500 each year,<\/td><td>Disbursed between 7\/1\/25 &amp; 6\/30\/26 = 7.94%.<\/td><td>1.057% between 10\/1\/24 &amp; 10\/1\/25<\/td><td>N\/A<\/td><td>Interest accrues, otherwise same as Subsidized.<\/td><\/tr><tr><td><strong>GRADUATE<\/strong> Direct PLUS<\/td><td>Eligible Graduate &amp; Professional students<\/td><td>Awarded after maximum Unsubsidized Loan up to Cost of Attendance (COA)<\/td><td>Up to the Cost of Attendance, after unsubsidized loan<\/td><td>Disbursed between 7\/1\/24 &amp; 6\/30\/25 = 8.94%.<\/td><td>4.228% between 10\/1\/24 &amp; 10\/1\/25<\/td><td>N\/A<\/td><td>Begins 6 mo. after graduation as long as student is continually enrolled.<\/td><\/tr><tr><td><strong>GRADUATE<\/strong> SC <a href=\"https:\/\/www.scstudentloan.org\/school-loans\/sc-teacher-loan-programs-forgiveness\" target=\"_blank\" rel=\"noreferrer noopener\">Teachers Loan\/ Career Changers<\/a> <strong><a href=\"http:\/\/www.scstudentloan.org\/\"><\/a><\/strong><\/td><td>SC residents enrolled at least 1\/2 time<\/td><td>N\/A<\/td><td>Teachers Loan: $5,000\/yr, $20,000 total Career Changers: up to $15,000\/yr, $60,000 total<\/td><td>Current Stafford rate plus 2%<\/td><td>As low as 1%<\/td><td>June 01: first come, first served<\/td><td>Loan can be cancelled at rate of 20% or 33% per year if teaching obligations met.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Information about different types of loans should be obtained from the <strong><a href=\"https:\/\/www.citadel.edu\/root\/contact-financial-aid\">Financial Aid Office<\/a><\/strong> before selecting a loan program to cover college costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-private-education-loan-options\">Private Education Loan Options<\/h3>\n\n\n\n<p>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 <strong><em>FAST<\/em>Choice<\/strong> 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.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/choice.fastproducts.org\/FastChoice\/home\/342300\/1\"><img loading=\"lazy\" decoding=\"async\" width=\"318\" height=\"72\" src=\"https:\/\/www.citadel.edu\/financial-aid\/wp-content\/uploads\/sites\/55\/fastchoice_logo.png\" alt=\"fast choice\" class=\"wp-image-2522\" srcset=\"https:\/\/www.citadel.edu\/financial-aid\/wp-content\/uploads\/sites\/55\/fastchoice_logo.png 318w, https:\/\/www.citadel.edu\/financial-aid\/wp-content\/uploads\/sites\/55\/fastchoice_logo-300x68.png 300w\" sizes=\"auto, (max-width: 318px) 100vw, 318px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><em><a href=\"https:\/\/choice.fastproducts.org\/FastChoice\/home\/342300\/1\"><\/a><\/em><strong>&nbsp; Click on the image to compare the features of a few private education loans used by Citadel students.<\/strong><\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Student loans are long-term, low-interest loans, which come due only after enrollment has ended. (i.e. graduation, withdrawal from the university, or upon less than half-time enrollment).&nbsp;The Citadel&#8217;s Office of Financial Aid &amp; Scholarships operates by the Code of Conduct established by the National Association of Student Aid Administrators (NASFAA). To understand the difference between federal [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"class_list":["post-2520","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Education Loan Programs<\/title>\n<meta name=\"description\" content=\"Students have education loan program options including federal\/state education loan options and private education loan options.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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