The Office of Financial Aid and Scholarships provides entrance guidance to highlight the mortgage process and college student obligations and additionally exit guidance to spell out the repayment processes. Students can complete both entry and escape Counseling out of this website. Student education loans tends to be a useful tool in funding your degree, but utilize them carefully. Borrow just what you need. Students ought to be enrolled at the very least 6 many hours (half-time) to get eligible for government financing. First-time individuals at EIU will additionally should submit a Master Promissory Note (MPN).
Loan Types Available
Federal Direct Financing Increase/Decrease Requests
To inquire an alteration your federal subsidized or unsubsidized loan amount, you have to sign in to PAWS to submit the request.
Go right to the school funding tab, find the Award connect, honor for help seasons link, following the Resources/Additional Ideas loss. Type your consult in text field and submit. Please getting particular and can include financing kind best online payday loans Bowling Green, quantity, and session. If the request try uncertain, you will end up requested to resubmit to be able to describe.
** The PAWS submitting kind applies to the student’s subsidized and unsubsidized loans just and cannot be employed to revise mother or father PLUS financing or to request mortgage variations due to an advantage loan denial or change in level class. Parents may send POSITIVE mortgage modification needs to finaidPLUS@eiu.edu. If you want to ask one of these improvement, be sure to send the particular form readily available right here .
Please be aware: changes is going to be made based on scholastic season finances alongside help obtained. Annual and aggregate loan restrictions additionally apply. Please evaluate your loan limitations just before submission:
Government Perkins Financing Program
NOTICE: the program keeps ended, effective Sept. 29, 2017.
The Federal Perkins financing try a low-interest mortgage to help students buy her degree after senior high school. Truly designed for both undergraduate and grad students. The Perkins Loan system try a hugely popular source of pupil help as a result of the very low rate of interest. Many college students take part in the Perkins mortgage system, but due to its limited resources, the prizes head to those youngsters who incorporate early and demonstrate need. Prizes is subject to the availability of federal resources.
The rate of interest on all Perkins financing try 5 percentage.
If you take a government Perkins mortgage, it is important to completed a Promissory mention, Confidential info layer, and a liberties and Responsibilities Sheet. These types will be delivered after the prize Letter has been gone back to the Office of educational funding and Scholarships. Trip and springtime promissory notes is sent starting mid-July. Summer promissory notes become sent starting mid-May.
The mortgage goes in repayment once the beginner has stopped being enrolled or enlisted significantly less than six hrs for a period of nine several months. When in payment, loan repayments are created to the pupil reports workplace at Eastern Illinois institution. Before you leave Eastern, youngsters must attend exit sessions executed by the beginner reports company at 217/581-3715.
Student loan maximum for all the Federal Perkins financing at EIU: Undergraduate = $2,000 (standard educational season) plus $1,500 (summer time) for an annual complete of $3,500; $15,000 max.
William D. Ford Government Direct Loan Products
These debts become low-interest financial loans meant to that assist you to purchase your own education after senior school. There are 2 sorts of national immediate financial loans:
Subsidized and unsubsidized immediate debts is low-interest financial loans that do not call for a cosigner. Interest rates become fixed. The cash for those financing software arises from government entities. More pupils will begin payment 6 months after leaving EIU or losing under half-time.
The us government identifies the rate of interest for new financial loans each class year. The interest rate cannot exceed 8.25 percentage. Pupils needs to be enlisted at least six credit score rating many hours per session to be eligible for a subsidized and/or unsubsidized mortgage. Repayment begins six months after graduation, or following college student stops becoming enrolled in about six credit days.