Important Notice - FOR RETURNING BORROWERS IN 2009-2010 ONLY
As Stafford or PLUS Loan borrowers, we encourage students and parents to make an informed decision regarding lender selection. Borrowers are encouraged to learn about lender's products and services by visiting the lender's websites and contacting the lending agency. Ferrum College will certify a Stafford, PLUS, or Alternative Loan with any lender or guarantor the borrower chooses to use. Ferrum College is releasing this information in good faith and assumes no liability for information from lender partners, nor for any changes to products and services made by the lender. Please see Ferrum's Lender Policy (pdf) for more information.Lender Information
» Ferrum College Lender List (pdf)» Code of Conduct (pdf)
General Loan Information
Sample repayment chart (pdf): This chart below can give you a better understanding of what your monthly payment could be when you enter repayment.Stafford Loans - FOR RETURNING BORROWERS IN 2009-2010 ONLY
Stafford Loans (Subsidized and Unsubsidized) are available to students. The interest rate on loans as of July 1, 2009 will be 5.4% fixed for Subsidized Loans and 6.8% fixed for Unsubsidized Loans. Repayment begins 6 months after the student ceases half-time enrollment. A Master Promissory Note and Entrance Counseling session are required before loans will be processed.Click here to apply for a Stafford Loan.
Stafford Loan Entrance Counseling: Required Stafford Loan Counseling for new Stafford Loan borrowers entering Ferrum College.
Stafford Loan Exit Counseling:Required Stafford Loan Counseling for graduates and withdrawals leaving Ferrum College.
Unsubsidized Stafford Loan Request form: In case of PLUS denial or independent student status, students can request additional funds through this source.
Electronic Master Promissory Notes (MPN): If your lender is not listed in the drop down box please print a blank copy of the promissory note and mail to the Financial Aid Office.
PLUS Loans - FOR RETURNING BORROWERS IN 2009-2010 ONLY
PLUS Loans are for parents of undergraduate students who wish to borrow to help cover educational costs. A credit check is required for all PLUS Loans. The interest rate is currently 8.5% fixed for PLUS Loans and repayment begins 60 days after the final disbursement of the academic year.If a PLUS Loan is denied, there is additional Unsubsidized Stafford Loan eligibility for the student.
Freshmen/Sophomore can borrow up to $4000 per year more and Junior/Senior Level students can borrow $5000 per year more.
Click here to apply for a PLUS (Parent) Loan.
Federal PLUS Loan Pre-Approval: Parents who are Pre-Approved for a Federal PLUS (Parent) Loan are required to complete a PLUS Loan Master Promissory Note (MPN) before the loan proceeds will be disbursed to the school. Parents can complete the MPN online. Prior borrowers should use the lender that they have previously utilized in the past.
Electronic Master Promissory Notes (MPN): If your lender is not listed in the drop down box please print a blank copy of the promissory note and mail to the Financial Aid Office.
Perkins Loans
These loans are for students with high need. Eligibility will be determined by the school based on funds available and the student will be notified of their eligibility on their award letter. The interest rate is 5% fixed on Perkins Loans and repayment begins 9 months after the student ceases half-time enrollment.Perkins Loan Exit Counseling: Required Perkins Loan counseling for graduates and withdrawals leaving Ferrum College.
Alternative / Private Loans
Educational Credit Management Corporation (ECMC): Virginia’s designated guarantor. Click here for a list of participating lenders and contact information.These loans vary based on the financial institution. We encourage students to exhaust their federal loan options before applying for private loans. Please click here for a listing of common private loan lenders.
The Financial Aid Office advises students to exhaust all federal options first before seeking alternative loan options.
Alternative Loans are offered by private lending institutions and are not guaranteed by the federal government. These funds are available to students who may not be eligible for federal financial aid or who may need to bridge the gap between the actual cost of education and their federal financial aid.