Eligibility for federal loan programs is determined by evaluation of the student’s income and assets as declared on the Free Application for Federal Student Aid. Need-based awards are subject to the federally defined data verification process, which requires some students to submit a tax return and other supporting documentation. The amount of student debt load varies considerably, depending upon the type of loan(s) a student obtains, the student's intended course of study, and the student's need to borrow. Full-time undergraduate students graduating in spring 2012 borrowed an average of $21,344 through the federal loan program over the course of their academic career at Springfield College.
Federal Direct Loan Program
Federal Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. For more information on Federal Direct Loans follow this link or read Financing Your Springfield College Education.
Federal Perkins Loan
(formerly the National Direct Student Loan)
Eligibility for this need based program is subject to federal regulations. Funds are extremely limited. These awards are made to high need students who complete the financial aid application process. Repayment begins nine months after half time enrollment ceases. The interest rate is 5%.