Amount: Amounts vary
Many families find a Direct PLUS loan is an excellent way for them to pay for college. The Federal Direct PLUS loan enables parents with good credit histories to borrow up to the cost of education minus other financial aid received. This loan has a fixed interest rate of 7.21% and may have an origination fee of up to 4.292%. Parents may ask for a forbearance to defer payments on this loan while the student is in school. The Federal Direct PLUS loan should be the first option considered when exploring your financing options. If parents are unable or unwilling to borrow, the student may borrow funds from a "private loan".
Private Educational Loans
A private or alternative loan is a credit based loan for students who need additional educational funding beyond the federal, state, or institutional funds awarded in their financial aid package. Always use federal loans first before applying for private loans. Students should avoid lenders that do not require Dordt to certify their loan application.
Federal regulations require that we remind you of the following:
- The maximum available federal grant is:
- Pell Grant—$5,730
- SEOG—$4,000 (Award amounts are dependent on federal funding. Awards available at Dordt College may be less)
- TEACH Grant—$4,000
The maximum available federal loan is:
- Stafford Loan—$5,500 freshman; $6,500 sophomore; $7,500 junior and seniors. Independent students may receive an additional $4,000 as freshmen and sophomores, and $5,000 as juniors and seniors.
- Perkins Loan—$4,000 undergraduates (award amounts are dependent on federal funding; awards available at Dordt College may be less).
- PLUS Loan—borrower is eligible to borrow cost of attendance minus other financial aid. The PLUS Loan is subject to credit analysis.
The Dordt College Financial Aid Office is using FAST Choice, a loan comparison tool offered by the Great Lakes Higher Education Corporation, to display our preferred lenders. Remember you may use an alternative loan lender of your choice but this list will show you lenders that students have used previously. Click here to view the lender list. You will be directed away from the Dordt College website.
Private educational loans have different repayment rules that you should be aware of. After borrowing, essential repayment information may be found here.