STUDENT LOANS

Many banks provide students with information on how to apply for student loans. Go to http://www.elmselect.com/oll/SchoolLenderList/?schoolId=8145 to view the Shorter College lender list. You may choose any of these lenders or any other lender of your choice. In addition, student loan entrance counseling is required for first time borrowers.

When considering financial aid, there is a definite order to follow. First, determine the total cost of your education. This includes not only the cost of tuition, but books, fees, incidentals, etc. If your total need is not met by scholarships, grants, or military educational funding programs, or corporate tuition assistance/reimbursement programs, then there are low interest rate student loans to consider.

Updated April 3, 2008
Click here for an important memo regarding Federal Stafford loans.

Federal FFELP Stafford Loans

Federal Stafford Loans are regulated by the federal government. They are low interest, long-term loans designed to provide students with funds to help pay for their education. You may be borrowing this loan from a bank, a credit union, or other eligible lenders,

Subsidized Federal Stafford Loan - This is a need-based, long-term, low-interest loan designed to provide undergraduate and graduate students with funds to help pay for their education. Subsidized means the interest on the loan is paid by the government while a student is in school and during periods of grace* and deferment**.

Subsidized Federal Stafford loan

Unsubsidized Federal Stafford Loan - This is a non-need-based, long-term, low-interest loan designed to provide undergraduate and graduate students with additional funds for their education. Unsubsidized means students are responsible for the interest on a loan while in school and during periods of grace* and deferment**. However, payment can be postponed.

Unsubsidized Federal Stafford loan

Federal FFELP PLUS Loans

The Parent Loan for Undergraduate Students (PLUS) enables parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half-time. The annual loan limit is equal to the cost of attendance at Shorter College, less any other financial assistance the student is receiving.

PLUS Loan

Alternative Private Loans

Private student loans (also known as alternative student loans or personal student loans ) can help bridge your college financing gap. Alternative loans may be based on your credit score and may require immediate repayment.

Private Loan

*Grace Period: the amount of time allowed before principal repayment of a loan must begin after a student graduates, leaves school or drops below half-time status. No payments on your student loans are required during this time. Details of your grace period are specified in your promissory note and are not available for all loans.

** Deferment: the period of time during repayment in which the borrower, after meeting certain criteria, is not required to make their regular monthly payments. Note: interest payments may or may not be postponed depending on the type of loan.