Loans

William D. Ford Direct Student Loan

The William D. Ford Direct Student Loan is a federal interest-delayed loan for college students. Eligibility is based upon the Free Application for Federal Student Aid (FAFSA). As long as students are enrolled in at least six credit hours each semester, no interest accrues and no payments are due. After graduation there is a six month grace period before interest and repayment begin. Students who do not qualify for the interest subsidy may still borrow in the William D. Ford Unsubsidized Student Loan program. Apply for a William D Ford Direct Student Loan. Students must complete an entrance interview on the site before they can receive the William D. Ford Loan funds and an exit interview when they complete their time at Hesston College.

William D. Ford Direct Unsubsidized Student Loan

The William D. Ford Direct Unsubsidized Loan is not based on need and the interest begins to accrue on this loan as soon as the funds are disbursed. A student can arrange to make interest only payments or allow the interest to accrue while in school, during the grace period, and during any authorized deferment periods. As long as students are enrolled in at least six credit hours each semester, no payments are due. After graduation there is a six month grace period. Apply for a William D. Ford Direct Student Loan. Students must complete an entrance interview on the site before they can receive the William D. Ford Loan funds and an exit interview when they complete their time at Hesston College.

Federal Perkins Loan

The Federal Perkins Loan is a federal loan awarded and administered by Hesston College. Eligibility is based upon the Free Application for Federal Student Aid (FAFSA). As long as students are enrolled in at least six credit hours each semester, no interest accrues and no payments are due. After graduation there is a nine month grace period. The Federal Perkins Loan has an annual interest rate of 5%. Students receiving Perkins loans must complete Entrance Counseling before beginning classes. When they finish their Hesston years, they must also complete an Exit Interview.

Hesston College Loan

The Hesston College Loan is awarded and administered by Hesston College. An annual interest rate of 10% begins to accrue as soon as the loan is disbursed. A minimum monthly payment of $30 is due during the repayment period which begins six months after the student is no longer at least a half-time student.

William D. Ford Direct Parent Loan for Undergraduate Students (PLUS)

The William D. Ford Direct Parent Loan for Undergraduate Students (PLUS) lets parents of dependent students borrow money to cover any costs not already covered by the student’s financial aid package, up to the full cost of attendance. PLUS loans have a fixed interest rate of 7.9% and no cumulative limit. To apply for a William D. Ford Direct Parent Loan, parents must complete the Parent Loan Request Form and return it to Hesston College. Then go to to studentloans.gov to complete the application.

Alternative Education Loan

Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of an education and the limited amount the government allows students and their parents to borrow in its programs. Private loans are offered by private lenders and there are no federal forms to complete. Some families turn to private education loans when the federal loans don’t provide enough money or when they need more flexible repayment options. For example, a parent might want to defer repayment until the student graduates. Apply for a loan at Elm Select.

Students must complete an exit interview for the William D. Ford Direct Loan (subsidized and/or unsubsidized) at the time they leave Hesston College.