Loans
Federal Loans
Federal loans are subsidized by the federal government. These low interest loans are available to students and families for educational purposes. Entrance and exit counseling are required for all student loan borrowers. All loans must be repaid. Federal Loan programs include:
Stafford Loan
The Federal Stafford Loan Program works in partnership with your financial institution. Subsidized loans are available to students demonstrating financial need. Students not qualifying for federal subsidized loans may qualify for unsubsidized loans. The Stafford Loan is the only loan available for graduate program students.
Federal Perkins Loan
Federal Perkins Loans work in partnership with Doane College. Amounts vary with each student's eligibility and are dependant upon federal funding. The Financial Aid Office determines individual award amounts. The average Perkins Loan for students attending Doane College is 2006-07 was $1,180.
Parent PLUS Loan
The Federal Plus Loan Program also works in partnership with your financial institution. The PLUS loan is available to parents to help the family cover educational expenses. Eligibility is controlled by federal regulations and determined by Doane College. This program requires separate application and promissory note. Doane College can provide this for you.
Alternative or Private Loans
At Doane College, we believe there are several excellent funding options for your college education. We recommend that you and your family review all the options and then determine the best one for you. Be sure to be aware of all the characteristics of an alternative loan before making any decisions.
For example, if you make quarterly interest payments, this keeps your principle stable. If not, you will be paying interest on interest while in repayment. This loan has 120 month repayment options. However, this repayment is not negotiable. You will make 119 payments based on the interest rate at the time you go into repayment. Your last payment will be the remaining balance, regardless of your other payments. As always, we encourage you to look at all other options before borrowing money.
It is important to understand some of the consequences of the alternative loan: