Need-Based Loan Options: Eligibility
for these loans is based on demonstrated need and they are packaged in
financial aid awards.
- The Federal Stafford Loan is designed for students who have
completed the Free Application for Federal Student Aid (FAFSA) and are
enrolled in a degree or qualified certificate program at an eligible
school on at least a half-time basis. There are no credit-check or co-signer
requirements and no employment or income verifications. You must
be a U. S. citizen or eligible non-citizen to participate in this program.
- Effective July 1, 2008,
Federal Stafford Student Loan: Rate: 6.0% fixed
- Loan Amounts: Undergraduates may borrow up to $3500 for the
first year, $4500 in the second year, and up to $5500 per year for
remaining years of subsidized Federal Stafford loans. Students may also borrow an additional $2,000 of unsubsidized Federal Stafford loans per each academic year. Independent students (as determined by the Financial
Aid office) may borrow an additional $6000 for the first and second
years and an additional $7000 per year for remaining years.
- Qualification: If you demonstrate financial need, as determined
by Federal regulations, you may receive a Subsidized Stafford
loan. The interest that accrues on a Subsidized Stafford is paid by
the Federal Government while you are in school. If you do not demonstrate
financial need, you may still be eligible for an Unsubsidized Stafford
loan. The interest that accrues on an Unsubsidized Stafford loan while
you are in school is your responsibility. You have the option of paying
the interest quarterly or having it added to the principal balance
when you leave school.
- The Federal Perkins Loan is a 5% fixed simple interest loan
which may be granted to undergraduate and graduate students who demonstrate
considerable financial need. This specialized form of student financial
aid is administered not by banks or the Department of Education, but
by your school itself. As with all schools participating in the Federal
Perkins loan program, Wellesley College has a limited amount of funds
to award each year. The amount of funds is determined by Congress and
is dependent on the repayment history of previous Perkins borrowers.
You must be a U. S. citizen or eligible non-citizen to participate in
this program.
- Loan Amounts: Undergraduates may borrow up to $4000
per year for an aggregate amount of $20,000.
- Qualification: Demonstrated finanical need.
- Repayment: Repayment of a Federal Perkins Loan
begins nine months after you graduate or leave school on at least
a half-time basis. The standard repayment term is ten years. There
are other repayment plans available such as graduated repayment and
extended repayment to minimize your monthly payment.
Federal Perkins Loan Rehabilitation
Rehabilitation is a process by which a borrower enters into an agreement
with Wellesley College to make (12) twelve consecutive on-time payments
on their defaulted NDSL/Perkins Loan. Once the borrower has successfully
made the required twelve (12) consecutive payments, the loan will be
considered rehabilitated; it will be removed from its defaulted status
and all negative credit will be repaired.
- The Wellesley College Loan is a 9% fixed simple interest
rate loan, often granted to international undergraduate students who
demonstrate considerable financial need. This specialized form of student
financial aid is administered by Wellesley College; a limited amount
of funds is available each year.
- Loan Amounts: Undergraduates may borrow up to $4000
per year for an aggregate amount of $20,000.
- Qualification: Demonstrated finanical
need.
- Repayment: Repayment of a Wellesley College
Loan begins nine months after you graduate or leave school on at least
a half-time basis. The standard repayment term is ten years. There
are other repayment plans available such as graduated repayment and
extended repayment to minimize your monthly payment.
- Plitt-Kirgan Loan
Eligibility: Based on financial need; must be enrolled
full time
Annual Limit: No annual limit, but an aggregate limit of
$20,000
Fees: No fees
Interest Rate: 5% fixed
Repayment: No payments due while student is enrolled full time
or during grace period(nine months after leaving school). Maximum of
eleven years to repay loan.
- Plitt-Kirgan Supplemental Loan
Eligibility: Limited funding available, based on special financial
circumstances; available after all other financing sources have been
exhausted; must be enrolled full time
Annual Limit: No annual limit, but an aggregate limit of $20,000
Fees: No fees
Interest Rate: 2% fixed rate while enrolled, 5% fixed rate during repayment
period.
Repayment: No payments due while student is enrolled full time or during
grace period(nine months after leaving school). Maximum of eleven years
to repay loan.
- The Students' Aid Society Loan is a low-interest loan which
may be granted to undergraduate students who demonstrate considerable
financial need. These funds have been donated by alumnae but are administered
by the Financial Aid Office. The amount of funds available is
determined by donations to the fund and on the repayment history of
previous Students' Aid Society Loan borrowers. The Students' Aid Society
is independent of Wellesley College.
- Loan Amounts: Undergraduates may borrow up to $4000
per year for an aggregate amount of $20,000.
- Qualification: Demonstrated finanical
need.
- Repayment: Repayment of a Students' Aid Society
Loan begins nine months after you graduate or leave school on at least
a half-time basis. The standard repayment term is five years.
- Educational Assistance Program for military families: MOAA's
(Military Officers Association of America) program provides interest-free
loans to children of military personnel for up to 5 years of undergraduate
study as well as a limited number of grants. For more information, go
to http://www.moaa.org/Education/
Student Financial Services
Created: July 30, 2007
Modified: July 15, 2008