Loans Are Financial Aid That Must Be Repaid
Federal Perkins Loan
The Federal Perkins Loan is one of three federal campus based aid programs. Students who accept the Perkins Loan must complete a Master Promissory Note (MPN) and an Entrance Interview. The links to both the MPN and entrance interview can be found on the EOU Student Accounts web site at https://www.eou.edu/staccts/. The Perkins Loan is offered to students who indicate an interest in loans on their FAFSA, who have a low Expected Family Contribution, and who apply for financial aid and admission early. Federal Perkins Loan funds may not serve all eligible students. The Perkins Loan has a 5% fixed interest rate and a 9 month grace period. Students who borrow in the Perkins Loan program repay their loans to EOU.
Federal Direct Stafford Loan
The Federal Direct Stafford loan has both a need based Subsidized component and a non-need based Unsubsidized component. Subsidized Stafford loans have deferred interest and principal payments through the student’s grace period. Unsubsidized Stafford loans do not have the interest deferment option–interest accrues while the student is in school and during the grace period. Stafford Loan interest rates are set by law and may vary from award year to award year. Stafford loan award amounts are based on a student’s class level. Students who elect to borrow in the Federal Stafford Loan program must complete a Master Promissory Note (MPN) and first time borrowers must complete an entrance interview. To complete your Stafford Loan MPN and entrance interview go to: https://studentloans.gov
(NOTE: If you received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period.)
Federal Direct Parent Loan for Undergraduate Students (PLUS)
The Federal Direct PLUS Loan is available to parents of undergraduate students. Parents may borrow the difference between the student’s cost of attendance and other financial aid. Parents who want to borrow the PLUS loan must complete an EOU PLUS Loan Acceptance Form and a pre-approval credit check. Once the parent borrower is approved, the parent borrower can complete a PLUS Master Promissory Note (MPN). Generally, repayment begins after the last disbursement for the academic year and interest begins accruing as soon as the school receives the first disbursement. Students who have had a parent denied during the PLUS approval process are eligible to borrow additional funding in the Federal Stafford Loan program. Any credit balances on a students account resulting from receipt of PLUS loan funds will be mailed directly to the parent borrower.
Federal Direct Graduate PLUS
The Federal Graduate PLUS loan is offered to students enrolled in a Graduate or Professional program. Students who borrow in the Graduate PLUS program must complete a credit check and pre-approval process. Students who have been approved must then complete a Graduate PLUS Master Promissory Note (MPN). Students should borrow their full Subsidized and Unsubsidized Stafford Loan annual maximums before applying for the Federal Graduate PLUS loan. For additional questions on this program please contact the Financial Aid Office or visit:
- GradPLUS Information from the Department of Education
- To Receive Your Federal Direct Loan Follow These Action Steps
- Frequently Asked Questions
Federal Direct Stafford and PLUS Interest Rates for 2018-19
|Loan Type||Student Level||Loans Disbursed Between July 1, 2018 and June 30, 2019|
|Subsidized||Undergraduate||Fixed Interest rate = 5.05%|
|Unsubsidized||Undergraduate||Fixed Interest rate = 5.05%|
|Graduate||Fixed Interest rate = 6.60%|
|PLUS||Parent PLUS (Undergraduate)||Fixed Interest rate = 7.60%|
|Graduate PLUS||Fixed Interest rate = 7.60%|
Federal Direct Stafford and PLUS Interest Rates for 2017-18
|Loan Type||Student Level||Loans Disbursed Between July 1, 2017 and June 30, 2018|
|Subsidized||Undergraduate||Fixed Interest rate = 4.45%|
|Unsubsidized||Undergraduate||Fixed Interest rate = 4.45%|
|Graduate||Fixed Interest rate = 6.00%|
|PLUS||Parent PLUS (Undergraduate)||Fixed Interest rate = 7.00%|
|Graduate PLUS||Fixed Interest rate = 7.00%|
Private Loan (Non-Federal)
Please click here for more information.
NEW! Federal Loan Servicer Information
Please click here for information about the ten federal loan servicers.
Loan Repayment Options
There are several federal loan repayment options.
- Federal Loan Repayment Options
- Repaying Your Loans
US Department of Education Loan Repayment & Forgiveness Presentation
This presentation was created for financial aid administrators; however, it has current information on student loan repayment options and loan forgiveness programs.
Take a few minutes to review this important information
EOU Financial Aid Code of Conduct
Please click on the following link to read the EOU Financial Aid Office Code of Conduct