FEDERAL PROGRAMS
 

Eligibility for financial assistance involving federal funds is based primarily upon the student's demonstrated need.

That is, the student's allowable costs must be greater than the financial resources of the family and/or student, as determined by a federally approved measure of the family's and/or student's financial strength. Major federal programs are listed below. Complete details, requirements and procedures are subject to change annually, and can be obtained from the Financial Aid Office.


The Perkins Loan
A low-interest (5%) loan awarded only to students in fourth quarter or higher. The student must be eligible to receive financial aid  and must show financial need. The amount of the  loan is based on financial need and the availability of funds.


College Work Study Program
Part-time student employment positions are provided at Sherman College through a combination of institutional and federal funds.


Subsidized Federal Stafford Loan
A low-interest rate loan insured by a guarantee agency and  reinsured by the federal government. Borrowers have a variable interest rate with a cap of 8.25 percent. Depending on individual need, a student  may borrow up to $8,500 per year.*


Unsubsidized Stafford Loan
A loan designed to provide additional funds for educational expenses. The interest rate is variable with a cap of 8.25%. A graduate student may borrow up to the cost of attendance minus any other aid.


The requirements and procedures for the following private programs may differ from those associated with federal programs and such loans are often based more strictly on the borrower's credit history. More information can be obtained from the Financial Aid Office.

Ed-Invest Loan
A credit-based loan with a variable interest rate based on the 91-day Treasury Bill yield plus 2.5% while you are in school and on the 91-day Treasury Bill yield plus 2.9% when you enter repayment. The student may borrow $1,000-$20,000 annually, providing a satisfactory personal credit history.

Canadian Ed-Invest Loan
A credit-based loan available to Canadian citizens. A student may borrow up to $20,000 annually, providing a satisfactory personal credit history. The interest rate is variable and is based on the 91-day Treasury Bill yield plus 2.5%  while you are in school and on the 91-day Treasury Bill yield plus 2.9% when you enter repayment.

Emergency Loan
The Lyle Sherman Loan Fund and the Scallon Loan Fund make loans available to students based on unforseen economic necessity. Students may borrow up to $500 for 90 days,  interest free, in emergency situations.

*The amount of your need may limit the size of this Stafford Loan.