SC

Loans

IOU

LOAN [lon] - money that must be paid back.

Southwestern offers several types of loans.  They are listed in order of lowest to highest interest rate.  Application requirements for all loans are located in the Financial Aid Handbook.

Federal Perkins Loan - 5% Interest Rate
This loan is awarded on a first-come, first-served basis to students who demonstrate extremely high financial need.  Southwestern College students are awarded a maximum of $2,200 per year with exceptions made on a case-by-case basis and by appeal.  The loan is interest subsidized while the borrower is in school at least half-time.  Terms and Conditions.

United Methodist Student Loan Fund - 5% Interest Rate
Up to $5,000 per year is awarded on a first-come, first-served basis to active, full members of the United Methodist Church.  This loan is applied for directly through the General Board of Higher Education and Ministry.  Special rates may apply for students attending United Methodist related schools.  Terms and Conditions.

Federal Direct Stafford Loan - 6.8% Interest Rate
This guaranteed student loan is available to all students who complete the Free Application for Federal Student Aid (FAFSA).  Students who demonstrate financial need may qualify for a loan interest subsidy while they are in school.  Terms and Conditions.

Federal Direct PLUS Loan - 7.9% Interest Rate
This loan is available to parents wishing to finance the difference between a student's financial aid and the remainder of the Southwestern College balance.  This loan can also be used for travel abroad experience and qualified living expenses.  The loan is subject to an adverse credit history check.  Terms and Conditions.

Federal GRAD PLUS Loan - 7.9% Interest Rate
This loan is available to graduate students wishing to finance the difference between a their financial aid and the remainder of the Southwestern College balance.  This loan can also be used for travel abroad experience and qualified living expenses.  The loan is subject to an adverse credit history check.  Terms and Conditions.

Private Student Loan - Varies Based on Credit
Private student loans are obtained through lending institutions and are not part of the federally guaranteed student loan programs.  Care should be taken when using these loans as a tool to cover a recent or past balance, to fund school related travel or to pay for qualified living expenses.  Application for these loans is initiated by the student from a lending institution of their choice.  Southwestern maintains a comprehensive list of lenders our students have used in the past year.  Application Procedures.

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