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 or when the student is no longer enrolled in at least six credit hours interest begins to accrue for the subsidized student loan and there is a six month period of grace before repayment begins for both the Direct Subsidized and Direct Unsubsidized loans. 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 on the unpaid balance six months after no longer attending Hesston College. A minimum monthly payment of $50 is due during the repayment period which begins six months following the borrower’s termination as a student. Priority for this loan program is given to nursing students. Following is a list of available loan funds:
- Adrian Miller Student Loan Fund
- Brenneman Loan Fund
- Clara Burkhart Haner Student Loan Fund
- Class of 1915 Loan Fund
- Class of 1927 Loan Fund
- Clayton V. Beyler Memorial Loan Fund
- Detweiler Memorial Loan Fund
- F.G. Roupp Memorial Loan Fund
- Harold L. Ely Memorial Fund
- Hesston College Loan Fund
- Jasper and Dolorez Roth Nursing Loan Fund
- Jon Yutzy Memorial Fund
- Joseph E. Slatter Fund
- Magnuson Loan Fund
- Michael E. Horst Memorial Fund
- Rebecca Dubbs Memorial Fund
- Ron Shetler Memorial Fund
- Yoder Feeds, Inc., Loan 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.