A loan is a type of financial aid that requires repayment. Some are based on financial need while others are not; however, the FAFSA is required to determine eligibility. The following loans are available to our students. Students or parents will need to apply for each individual loan in order to consider these options.
Description: A FAFSA application must be completed before applying for this loan.
Type of Aid: Loan
Amount: Varies
Eligibility: Must be enrolled at least half-time. Eligibility based on the FAFSA.
Interest Rate: 6.8%
Repayment: Repayment begins six months after student graduates, leaves school, or drops below half-time.
External Application: http://myfa.taylor.edu
Description: The PLUS (Parent) Direct Loan is a non-need based loan with eligibility determined through the FAFSA. It is available only to parents or step-parents. This loan helps to pay for education expenses up to the cost of attendance minus all other financial assistance. Interest begins immediately. The PLUS loan is in the parent’s name. If the parent is denied the PLUS loan after the credit check performed by the Department of Education, the student is then eligible for an additional Unsubsidized Stafford Loan.
Type of Aid: Loan
Amount: Varies
Eligibility: Available only to parents or step-parents of student.
Repayment: Repayment begins 60 days after the last disbursement. The payment can be deferred until after graduation if requested.
External Application: http://www.studentloans.gov
Description: A FAFSA application must be completed before applying for this loan. The student will need a FAFSA pin to complete the Perkins Promissory Note E-Sign Process.
Type of Aid: Loan
Amount: Up to $1,500
Eligibility: Must be enrolled at least half-time. Eligibility based on the FAFSA. Student must be a freshman or sophomore.
Interest Rate: 5% Fixed
Repayment: Repayment begins nine months after the student graduates, leaves school, or drops below half-time enrollment.
External Application: https://www.signmyloan.com/
Application Deadline: FAFSA - March 10, 2012 / Perkins E-Signature - September 3, 2012
Description: This is a private student loan through the bank of your choice. Students should exhaust all federal aid and direct loan opportunities before applying for this loan. Most alternative loans require a cosigner.
Type of Aid: Loan
Amount: Varies
Eligibility: Must be enrolled at least half-time.
Interest Rate: Variable
Repayment: Refer to terms of the individual loan.
Application: Alternative_Loan_Information.pdf
External Application: https://choice.fastproducts.org/FastChoice/Welcome.do?configId=1269619033681
Description: The unsubsidized loan is a non-need based loan with eligibility determined through the FAFSA. Interest begins to accrue at the time of disbursement and is the responsibility of the student.
Type of Aid: Loan
Amount: Varies
Eligibility: Must be enrolled at least half-time. Eligibility based on the FAFSA.
Interest Rate: 6.8% Fixed
Repayment: Repayment begins six months after student graduates, leaves school, or drops below half-time.
External Application: http://myfa.taylor.edu
of Taylor students receive merit-based aid
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