Loans are available for students and families in many circumstances. Some loans will be part of the need-based financial aid package a student receives from Gustavus. Other loans are available to all families, regardless of need-based financial eligibility. The two loan programs available only to students with demonstrated financial need are indicated by an asterisk. *
Gustavus was one of 104 colleges nationally to be designated by the U.S. Department of Education to participate in the Federal Direct Stafford Loan Program when it began. Direct lending allows you to secure your federal loans directly through Gustavus rather than through a private lender, simplifying the loan application and repayment process.
- Federal Direct Stafford Loan*
- $2,625 maximum may be borrowed in the first year; greater amounts subsequent years.
- Interest-free while student is enrolled; repayment begins 6 months after student leaves school.
- Federal Direct Unsubsidized Stafford Loan
- $2,625 minus your subsidized Stafford loan may be borrowed in the first year; greater amounts allowed in subsequent years.
- Student is responsible for interest accrued while enrolled; principal repayment begins 6 months after student leaves school.
- Federal Perkins Loan*
- Gustavus usually awards up to $2,375 maximum in the first year.
- Interest-free while student is enrolled; repayment begins 9 months after student leaves school.
- Student Educational Loan Fund (SELF)
- First-year students may borrow up to $4,500.
- Requires credit-worthy co-signer.
- Student responsible for interest payments while enrolled; repayment begins one year after student leaves school.
- Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Available to credit-worthy parents; no other financial eligibility required.
- Maximum loan amount is total cost of education minus other financial aid.
- Repayment begins 60 days after final receipt of loan amount; standard repayment option extends to ten years.
- Alternative Loans
- Three loan options to fit specific financial needs: multiple-year, annual and interest-only options.
- Repayment can extend to 15 years, with repayment schedules varying depending on loan option.
- Other Private Alternative Loans
- There are other sources for alternative loans, but in almost all cases the following conditions apply.
- Loans are not need-based.
- Student or parent may borrow amounts that together with other assistance does not exceed total educational costs.
- Student with a credit-worthy co-signer may be eligible for lower fees and interest rates.
- Student responsible for interest while enrolled.
- Variable interest rate.