Types of Financial Aid - Loans
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Loans

Grinnell awards educational loans primarily from the federal loan programs. These programs provide students and their parents with long-term, low-interest loans.

Federal Stafford Student Loan (subsidized and unsubsidized)
  • Long-term loan arranged through a bank, credit union, or savings and loan
  • Application available from the school
  • Fixed rate (currently 6.8%) for loans disbursed after July 1, 2006
  • For the subsidized loan, repayment and interest accrual begin six months after last half-time enrollment
  • For the unsubsidized loan, which is not need-based, the borrower is responsible for interest during in-school and deferment periods
Federal Perkins Loan
  • Long-term loan available to students who show exceptional financial need
  • Awarded by the institution
  • Interest rate is 5 percent
  • Repayment and interest accrual begin nine months after last half-time enrollment for new borrowers
  • Ranges from $200 to $4,000 per academic year
Federal Plus Loan
  • Long-term loan for parent borrowers
  • Arranged through a bank, credit union, or savings and loan
  • Requires application from a lender or Grinnell
  • Maximum interest rate is 9 percent and interest accrual begins at disbursement
  • Repayment begins 60 days after disbursement (it is possible to defer repayment of principal)
  • Maximum amount is the cost of education minus other aid
Grinnell College Loan
  • Long-term, low-interest institutional loan based on financial need
  • Repayment begins six months after the student leaves Grinnell College
  • Ranges from $200 to $4,000 per academic year
Private Loan
  • Long-term private loan used to replace expected family contribution
  • Contact the Office of Student Financial Aid for more information
  • Maximum amount per academic year is cost of attendence minus other aid

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