Loan Information - Financial Aid: Wartburg College

Loan Information

Perkins Loan $100-$1,000 per year
No interest charged while borrower is enrolled at least half-time. Repayment and interest beginning nine months after graduation on a monthly basis. Repayment extendable to 10 years with a minimum monthly payment of $40. Based on financial need and at least half-time enrollment. Interest at 5 percent during repayment.

Federal PARENT Loan for Undergraduate Students (PLUS) - This is a Parent loan for dependent students. Origination fee is 3%. Interest is fixed at 8.5%. Repayment begins 60 days after the loan is fully disbursed (March). Not based on financial need. Some lenders offer forbearance options which allows parent to defer payments until student graduates. Please contact the financial aid office for more information. Click here to select a lender.

Subsidized Stafford Loan - Eligibility determined by grade level and need. Must submit a Free Application for Federal Student Aid. If approved, aggregate amount up to $23,000 for all undergraduate study. Interest is subsidized as long as the student is enrolled at least half-time. Repayment and interest accumulation begin six months after graduation on a monthly basis. Repayment extendable to 10 years with minimum monthly payments of $50. Click here to select a lender.

Unsubsidized Stafford Loan - Same as subsidized Stafford, except not based on financial need. Students are responsible for quarterly interest on the loan while in attendance at college. Click here to select a lender.

Additional Private Student Loans- Several financial institutions provide low-interest loans for students who might need additional assistance. The various loans differ by interest rate, interest capitalization, guarantee fees, and co-signer options. There are only a few that will allow a student to borrow on their own credit. Interest begins accruing at disbursement but no payment is required until six months after graduation or a student drops below half-time enrollment. We recommend that students compare several lenders before selecting a private loan. For your convenience, click here to access a list of some alternative loans available from private lenders.

National Student Loan Data System
Students can use this Web site to access information about loan amounts, outstanding loan balances, status and disbursements.

Wartburg College is required by federal regulations to comply with individual lender terms and cannot certify a loan for more than your eligibility as determined by the student cost of attendance minus any other available financial aid. Wartburg College does not participate in revenue-sharing practices, referral fee arrangements, or private loan application fee payments.