Loans

Federal Stafford Student Loan

The Federal Stafford 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 Unsubsidized Stafford Student Loan program. To apply for a Federal Stafford Student Loan at ELM Select.

Federal Stafford Loan Limits
First Year - $3,500 Independent students (as determined by the FAFSA) can borrow an additional $4,000. An additional $2,000 Federal Unsubsidized loan is available under a new regulation.
Second Year - $4,500 Independent students (as determined by the FAFSA) can borrow an additional $4,000. An additional $2,000 Federal Unsubsidized loan is available under a new regulation.

Federal Unsubsidized Stafford Student Loan

The Federal Unsubsidized Stafford 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 interest accrues and no payments are due. After graduation there is a six month grace period. To apply for a Federal Stafford Student Loan at ELM Select.

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.

Federal Parent Loan for Undergraduate Students (PLUS)

The federal 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 8.5% and no cumulative limit. Apply for a Federal PLUS Loan at ELM Select.

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 Alternative Education Loan at ELM Select.

Apply for a Federal Plus Loan, a Federal Subsidized or Unsubsidized Stafford Loan, or an alternative loan through ELM Select.

Students must complete an exit interview at the time they leave Hesston College.