Loans
Federal Perkins Loan
The Federal Perkins Loan (formerly National Direct Student Loan) is a federal loan awarded and administered by Hesston College. Eligibility is based upon the Free Application for Federal Student Aid. An annual interest rate of five percent begins to accrue nine months after the borrower ceases to be a student on at least a half-time basis (six credit hours per term).
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. 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 period of grace before interest and repayment begin. Students may apply for William D. Ford Direct Student Loans online through the Financial Aid pages at www.hesston.edu. Students who do not qualify for the interest subsidy may still borrow in the William D. Ford Direct Student Loan program. Students who do not demonstrate financial need will be responsible for the interest while they are in school.
Hesston College Institutional Loan
The Hesston College Loan is awarded and administered by Hesston College. An annual interest rate of 10 percent begins to accrue when the loan is disbursed. A minimum monthly payment of $30 is due during the repayment period which begins six months following the borrower’s termination as a student. Following is a list of available loan funds:
Clayton V. Beyler Memorial Loan Fund
Brenneman Loan Fund
Class of 1915 Loan Fund
Class of 1927 Loan Fund
Detweiler Memorial Loan Fund
Rebecca Dubbs Memorial Fund
Harold L. Ely Memorial Fund
Clara Burkhart Haner Student Loan Fund
Hesston College Loan Fund
Michael E. Horst Memorial Fund
Magnuson Loan Fund
Adrian Miller Student Loan Fund
Jasper and Dolorez Roth Nursing Loan Fund
F.G. Roupp Memorial Loan Fund
Ron Shetler Memorial Fund
Joseph E. Slatter Fund
Yoder Feeds, Inc., Loan Fund
Jon Yutzy Memorial Fund
Federal Work-Study Program
The Federal Work-Study Program is an employment program funded by the Federal Government. It provides funds for employment during the school year. As much as possible, job assignments are made to fit the student’s past experience and career goals.
Aid Plan Revision
The Financial Aid Office reserves the right to revise Financial Aid Awards if necessary. Financial Aid Awards are made in good faith; however, they are contingent upon continued availability of funds.