To apply for the following loans, complete the FAFSA which may be obtained at your high school counselors office or the College Financial Aid Office:
Federal Perkins Loan (formerly National Direct Student Loan)
The Perkins Loan program is for a student who is enrolled in a degree or certificate program in a participating postsecondary institution and who needs a loan to meet education expenses. Abraham Baldwin participates in this loan program established under the National Defense Education Act of 1958. Funds jointly provided by Abraham Baldwin and the federal government are used to make long-term, low-interest loans to a qualified student. Awards range up to a maximum of $4,500 for the first two years of undergraduate study. Interest at the rate of 5% and repayment over a period up to ten years begins six or nine months (depending upon when the student received his/her first Perkins Loan) after a student ceases to be enrolled at least half-time in any college or university. During repayment a student will be required to make $30/40 minimum payments monthly. There is no penalty for prepayment or accelerated payments. To assist with timely repayment, a student will be billed monthly. The college contracts with Academic Financial Services Association (AFSA) for billing of these loans. Payments should be made as instructed in each statement. Special circumstances, such as active military duty or Peace Corps assignment, may defer interest and repayment for an additional period. Portions of a Perkins Loan may also be canceled if the student borrower teaches in a school designated as one with a concentration of low-income students, is employed as a teacher of handicapped children, and in some cases is a full-time staff member of a Head Start Program. Cancellation of these loans is also possible for service as a law enforcement officer. The student must file the required forms with AFSA to qualify for such deferments. To qualify for the Perkins awards, the student must be a permanent resident or a citizen of the United States, register at Abraham Baldwin, show financial need and satisfactory progress.
Federal Stafford Loans (formerly GSL)
A student may qualify for a "subsidized" Federal Stafford Loan which is based on financial need. The federal government will pay the interest on the subsidized loan while the student is in college. The student may qualify for an "unsubsidized" Federal Stafford Loan, regardless of need. Interest will accrue on unsubsidized loans during the in-school and repayment periods. A dependent undergraduate student can borrow up to $2,625 as a freshman and up to $3,500 as a sophomore. An independent undergraduate student can borrow up to $6,625 as a freshman (at least $4,000 of this amount must be unsubsidized) and up to $7,500 as a sophomore. At least $4,000 of this amount must be unsubsidized. An applicant will complete the FAFSA and institutional application to determine eligibility. Stafford Loans for first-time borrowers carry a variable interest rate, capped at 8.25%. A 3% origination fee and 1% guarantor fee will be deducted from the students loan proceeds. Repayment is not required as long as the student is enrolled at least half-time. A student will have a six-month grace period after he ceases to be enrolled before repayment must begin. The total outstanding loans that a dependent undergraduate may have cannot exceed $23,000. An independent undergraduate may borrow up to a total of $46,000.
Federal Parents Loan to Undergraduate Students (PLUS)
A parent may borrow up to the cost of attendance minus any other financial aid per academic year on behalf of an eligible dependent student. The applicant does not have to demonstrate financial need.
State Direct Nursing Loan
Up to $2,000 is available to a nursing student. These loans are repayable by service in the State of Georgia at the rate of one year of service for each year of assistance received. They are available to a student who is enrolled in the nursing program and is a legal resident of Georgia. Closing date for application is May 1.
Application for the following loan may be secured from the Pickett and Hatcher Educational Fund, P.O. Box 8169, Columbus, Georgia 31908:
Pickett and Hatcher Education Loan
Available to worthy students enrolled in courses in broad liberal college training, excluding students of law, medicine, and the ministry. Must apply two months prior to the term needed.
