Loans | Oklahoma Baptist University

Loans are an more and more essential a part of financing a school schooling. These loans have low rates of interest and each the curiosity and principal could also be deferred till after you allow faculty. Consider a loan as borrowing towards the elevated earnings you possibly can hope to have as a school graduate.

Direct Stafford Loans

Up to $5,500 within the First Year, $6500 for second yr and $7500 for third and fourth years

Stafford Loans, accessible for each undergraduate and graduate students, are low-interest federal loans and are one of the generally used student loans. The rate of interest is fastened at 2.75% for sponsored and unsubsidized. Stafford Loans are both Subsidized (the federal government pays the curiosity if you are at school, throughout grace and authorised deferment durations) or Unsubsidized (you pay all of the curiosity, and funds will be deferred till after you allow faculty.)

For the SUBSIDIZED STAFFORD LOAN the federal government pays the curiosity on the loan whereas the student is enrolled. The rate of interest is a hard and fast fee of two.75%. Undergraduates could borrow $4,500 within the second yr and $5,500 in every of the third and fourth years. Repayment begins six months after the student’s final semester at school. A separate loan software is required for 1st-time debtors.

The UNSUBSIDIZED STAFFORD LOAN has the identical phrases and situations because the Subsidized Stafford Loan besides that the student is liable for the curiosity that accrues whereas she or he is at school and the rate of interest is 2.75 %. Further, demonstrated want is NOT required. Again a separate loan software should be accomplished for 1st-time debtors. Sixty % of all OBU students have Stafford Loans.

Parental Loan for Undergraduate Students (PLUS): Up to the Cost of Education

The PLUS Loan is a part of the Federal Family Education Loan Program (FFELP). Provided at a low rate of interest of 5.30%, a PLUS loan permits you to fund as much as 100% of the price of your student’s schooling much less any monetary help already awarded. It’s an economical different to utilizing financial savings, earnings, retirement accounts or dwelling fairness loans for schooling prices. This loan relies on credit, but when a father or mother is denied the PLUS loan, the student could borrow further funds on their Stafford Loan. Parents of students could borrow as much as the entire price of schooling much less any monetary help accessible to the student. Repayment begins inside 45 days of disbursement, however could also be deferred whereas student is at school. The curiosity is fastened at 5.30 %. PLUS loans are primarily based on credit. However, if a father or mother is denied a PLUS loan, the student is then eligible for added unsubsidized Stafford loan of $4000-$5000.

Apply for a PLUS Loan

Alternative/Private Loans

Some lenders supply different/personal loans for use for schooling bills. If you may have utilized for federal help and nonetheless want further funding, you could need to apply for another loan. Lenders have totally different phrases and rates of interest, so examine them out rigorously. We have just a few beneficial lenders on our record, however be at liberty to buy round and discover the loan that is finest for you.

Apply or see the lenders on our record