Loans

LOANS

Student loan programs make it possible for individuals to borrow funds to help cover a portion of their educational expenses. The loans, which are long-term and low-interest, enable students to postpone the cost of education until after graduation.

Federal Perkins Loans

Who is considered for a Federal Perkins loan?

  • All freshman and sophomore students are automatically considered, but Federal Perkins Loans are typically given to the most financially needy full-time (12 to 18 credits per semester) students.
  • First consideration is given to students who complete their financial aid application before April 15 year unless funds are exhausted prior to that date.

Repayment information:

  • Repayment begins nine months after the recipient graduates, concludes their education, or is no longer enrolled for at least six credits.
  • Repayment may be extended over a ten-year period, with an annual interest rate of 5 percent.

Federal Perkins Loan Application Process

There is an application process for this loan.  Click here for more information about the Federal Perkins Loan application process.

Federal Stafford Loan Program (Federal Family Education Loan Programs)

Students are eligible to borrow up to the following amounts:

  • Freshmen:               $5,500 per academic year
  • Sophomore:             $6,500 per academic year
  • Junior and Senior:     $7,500 per academic year

Repayment information:

  • Repayment begins six months after the recipient graduates, concludes their education, or is no longer enrolled for at least six credits.
  • Annual interest rate is determined by the federal government

Federal Stafford Loan Application Process

There is application process for this loan.  Click here for more information about the Federal Stafford Loan application process.

Federal Direct Loan Program

Transfer students who already have loans through the Federal Direct Loan Program will be certified for a Federal Direct Loan at Point Park University Students for the 2009-2010 academic year.

Students are eligible to borrow up to the following amounts:

  • Freshmen:               $5,500 per academic year
  • Sophomore:             $6,500 per academic year
  • Junior and Senior:     $7,500 per academic year

Repayment information:

  • Repayment begins six months after the recipient graduates, concludes their education or is no longer enrolled for at least six credits.

  • Annual interest rate is determined by the federal government

Federal Parent Loan for Undergraduate Students (FPLUS)

The FPLUS loan enables parents of dependent undergraduate students to borrow up to the full amount of Point Park University education minus other aid. The annual interest rate is currently fixed at 8.5 percent. A credit check is performed by the lender to determine eligibility. 

FPLUS Loan brochure (.pdf)

Alternative Loans

Alternative Loans are loans through private lenders that allow students to borrow additional monies either because they have exhausted all of the federal loan eligibility or the student is ineligible for federal loans. Alternative loan rates and terms vary by lender. Students should exhaust every other source of aid before turning to the alternative loan programs.

Alternative Loans brochure (.pdf)