Other Loans
Federal PLUS Loan for parents
Parents may borrow up to the cost of attendance minus any other financial aid awarded. The parent must receive credit approval for the PLUS Loan and sometimes may be approved with a credit-worthy endorser. The interest rate of the PLUS Loan is fixed at 8.5%. Repayment begins 45 days after full disbursement of the loan which typically occurs in January when the loan period is for the full academic year. (Fall semester only loans are typically fully disbursed in August). Parents are encouraged to evaluate different lenders in order to determine the most appropriate benefits.
Alternative Student Loans
Gordon College suggests that students and parents review all terms and conditions of any private student loan before borrowing. Some key items to be aware of include: interest rate and how it is calculated, repayment terms, potential for deferral for graduate school, and the possibility of repayment beginning during a delay in enrollment. Some students have found it advantageous to keep their alternative loan with the same lender as their Stafford loan. We have listed some of the alternative student loans that are most commonly used in other years on the Alternative Loan Page.