Federal Perkins Loans (Perkins) of up to $5,500 per year are available to students who show financial need. Perkins Loans are interest-free while the student is attending college and for nine months thereafter. Part or all of such loans may be forgiven for various kinds of teaching service in approved schools or government service.
Five percent interest and minimum payments of $40 per month are due starting nine months after the student leaves college. Funds for this program are made available by congress and repayment of previous loans made by past students.
William D. Ford Federal Direct Stafford Loans, up to $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors, may be available through Waldorf College. The federal government will pay the interest for the student while in college and six months thereafter on a need-based subsidized loan. The student is responsible for all interest payments on an unsubsidized loan. For 2009-2010 the interest rate is a fixed rate not to exceed 5.6% on subsidized loans and 6.8% on unsubsidized loans. Minimum payments of $50 per month are due starting six months after leaving college.
For parents, the William D. Ford Federal Direct Parents' Loan for Under Graduate Students (PLUS) is available. Inquire at the Financial Aid Office
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