Most students use loans to help fund their college education. Morningside
students are no different. Our most popular loan programs are:
Federal Perkins Loan
Must be enrolled in 6 or more credits
This federally funded loan is based upon demonstrated financial
need.
Federal Perkins Loans must be repaid. Repayment and interest,
at the rate of 5%, begins 9 months after the student graduates
or drops below half-time enrollment.
The maximum amount that may be borrowed through a Federal Perkins
Loan is $4,000 per year.
Federal Subsidized Stafford Loans
Must be enrolled in 6 or more credits
This federally funded loan is based on demonstrated financial
need.
Application for a Federal Stafford Loan is made through
a commercial lender.
Stafford Loans must be repaid. Repayment begins 6 months after
enrollment is less than half-time. For new loans disbursed after July 1, 2006 the interest rate will be fixed at 6.8%.
The maximum amount that may be borrowed each year is as follows:
$3,500 for a freshman student, $4,500 for a sophomore student,
$5,500 each year for the remaining years, up to a total of $23,000
for undergraduate studies.
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