Evangel University Office
of Student Financial Aid
1111 N. Glenstone
Springfield, MO 65802
1-800-Evangel
417-865-2815
417-865-9599 (fax)
Financial Aid Team
Banks and private lending agencies make these loans available to students demonstrating need. Students do not make payments nor pay interest while enrolled on at least a half-time basis. Interest charges and repayment of principal begin six months after the student leaves school or drops below half-time enrollment. This loan must be repaid.
This loan is NOT based on financial need. The student is responsible for the interest from the date of disbursement. Interest payments may be made in installments or allowed to accrue and be added to the principal (capitalized). Repayment begins on the principal and interest six months after the student leaves school or drops below half-time enrollment. This loan must be repaid.
The Federal Family Education Loan Program (FFELP) has limits on how much can be borrowed at each grade level. Courses that are repeated, audited, or in which the student receives an “F” or “I” grade are not counted toward loan level advancement. Our priority deadline for loan processing is July 1. Please refer to the following chart for current FFELP grade limits:
| Loan Level | Credit Hours Completed | Maximum Stafford (sub and unsub) Per Academic Year |
|---|---|---|
| 1 | 0 – 25 | $3,500 |
| 2 | 26 – 55 | $4,500 |
| 3 | 56 – 87 | $5,500 |
| 4 | 88 – 124 | $5,500 |
| 5 | 124+ hours | $5,500 |
| Base Amount (sub and unsub) |
Additional Unsub | Academic Year Limit (total sub and unsub) |
|---|---|---|
| $3,500 | $4,000 | $7,500 |
| $4,500 | $4,000 | $8,500 |
| $5,500 | $5,000 | $10,500 |
| $5,500 | $5,000 | $10,500 |
| $5,500 | $5,000 | $10,500 |
| Total (sub and unsub) | Total Base Amount |
|---|---|
| $23,000 | $23,000 |
| Total Additional Unsub | Aggregate Limit |
|---|---|
| $23,000 | $46,000 |
This loan is available to parents with good credit history. Interest is charged from the first disbursement date and repayment on both the interest and principal begins 60 days after the loan is fully disbursed. Origination fee of 3% is deducted from each loan disbursement. This loan must be repaid.
This loan is made available to independent students or dependent students whose parents have been denied the PLUS loan. Please note that parents must apply for the loan and be denied before a dependent student may receive any of these additional loan funds. In addition, parents must be unable and not unwilling to borrow the PLUS loan. See UNSUBSIDIZED FEDERAL STAFFORD LOAN for interest and repayment information. Some Lenders have an origination fee of 3% that will be deducted from each loan disbursement. This loan must be repaid.
Private loans are available to students who need funds to “fill the gap” between what their financial aid covers and the money needed to cover their expenses. Private loans usually require a credit-worthy co-signer. The interest rate varies between lenders. Repayment does not begin until six months after the student ceases to be at least half-time or is no longer enrolled in school. Interest will accumulate during periods of enrollment. Some lenders deduct fees and others allow the student to receive the entire requested loan amount. This loan must be repaid.
Read about Federal Perkins Loan