A Christian Liberal Arts University, Est. 1846

Loans

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.

Subsidized Stafford Direct Loan

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 as an undergraduate student. Eligibility based on the FAFSA.

Interest Rate: 5.05%

Repayment: Repayment begins six months after student graduates, leaves school, or drops below half-time.

External Application: https://myfa.taylor.edu

Unsubsidized Stafford Direct Loan

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: 5.05% for undergraduates and 6.6% for graduate students

Repayment: Repayment begins six months after student graduates, leaves school, or drops below half-time.

External Application: https://myfa.taylor.edu

PLUS (Parent) Direct Loan

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.

Interest Rate: 7.6%

Repayment: Repayment begins 60 days after the last disbursement. The payment can be deferred until after graduation if requested.

External Application: https://www.studentloans.gov

Alternative Loans

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 or Fixed

Repayment: Refer to terms of the individual loan.

Application: Alternative_Loan_Information.pdf

External Application: Apply through FASTChoice or apply through InvestED Student Loan Marketplace.