Loans
Federal Perkins Loan
A federally-subsidized low interest (5%) student loan from both the federal government and Emmanuel College. Repayment begins nine months after the student graduates, leaves school or drops below half-time enrollment. Eligibility is based on financial need and availability of funding. Awards are generally $1,000-$2,000 per year.
Federal Perkins Loan borrowers are required to complete a Federal Perkins Loan promissory note and entrance counseling at the beginning of the fall semester.
Federal Stafford Loan
The Federal Stafford Loan is a low-interest student loan from the federal government. The amount you are eligible to borrow appears on your financial aid award letter.
Subsidized Loans: Students who demonstrate financial need are eligible for the Subsidized Federal Stafford Loan. The federal government pays the interest on this loan while the student is enrolled at least half-time and six months thereafter. The interest rate is fixed at 6.0% during in-school deferment, grace period.
Unsubsidized Loans: Students who do not demonstrate financial need are eligible to borrow with the Unsubsidized Federal Stafford Loan. The student is responsible for the interest on the unsubsidized loans even during periods of enrollment. Borrowers may choose to defer the interest payments while in school and during the six-month grace period, but the interest will be capitalized. The interest rate is fixed at 6.8% during in-school deferment, grace period and repayment.
Loan Requirements: To borrow with a Federal Stafford Loan, you are required to complete a Master Promissory Note (MPN) and entrance counseling. These are only required the first time your borrow with a Stafford Loan at Emmanuel College. MPN and entrance counseling requirements and instructions are mailed to new students prior to orientation.
Annual Federal Stafford Loan Limits
| Grade | Credits | Dependent Students | Independent Students |
|---|---|---|---|
| Freshman | 0-31 | $3,500 | $9,500 |
| Sophomore | 32-63 | $4,500 | $10,500 |
| Junior/Senior | 64+ | $5,500 | $12,500 |
| Graduate | n/a | n/a | $20,500 |
Loan limits include both subsidized and unsubsidized amounts and cannot exceed your cost of attendance minus other financial aid.
Massachusetts No Interest Loan
A student loan from the Commonwealth of Massachusetts to Massachusetts residents who are full-time undergraduate students with high financial need. No interest is charged on this loan. Repayment begins six months after the borrower graduates, leaves school or drops below half-time enrollment.
MA No-Interest Loan borrowers are required to complete a promissory note and entrance counseling at the beginning of the fall semester.