Student Loan Programs 2010-2011

If you have questions, please contact your Financial Aid Counselor:

All graduate and Professional Studies students: Amanda Eversole ext. 7431
All traditional undergraduates: Betsy Williams ext. 7309

For Graduate and Undergraduate Students

Due to recent legislation, Evangel University will be participating in the William D. Ford Federal Direct Loan program beginning with the 2010-2011 award year. All Federal Direct Loans and Federal Direct PLUS Loans will be processed through the Department of Education.

Federal Direct Loan

This loan will be subsidized, unsubsidized, or a combination of both.
Subsidized Loans are low-interest loans that are awarded based on financial need. The federal government pays the interest that accrues while the student is in school.
Unsubsidized Loans are low interest loans that are not awarded based on need. The interest accrues while students are in school and will be capitalized when the loan goes into repayment.
Loan funds are disbursed directly to Evangel University in equal amounts for each term of the academic year.
Payments are deferred until six months after the student graduates, withdraws, or drops below half-time status.
See the Loan Repayment section for additional information on repayment options.
In order for first-time borrowers to receive Direct Loan funds, students must complete the online Federal Direct Loan Entrance Interview and the Direct Loan Master Promissory Note.

Direct Loan Master Promissory Note through the Department of Education

Federal Direct Loan Interest Rates

Over a four-year period beginning July 1, 2008, the interest rate on subsidized Direct Loans made to undergraduate students will be reduced. The applicable interest rates for loans made during this period are as follows:

Federal Direct Loan Interest Rates Disbursement Chart
First disbursement of a loan:		Interest rate on the unpaid balance
Made on or after	And made before	Interest rate on the unpaid balance
July 1, 2009	July 1, 2010	5.6 percent
July 1, 2010	July 1, 2011	4.5 percent
July 1, 2011	July 1, 2012	3.4 percent

These changes apply to subsidized Direct loans first disbursed on or after July 1 of each year through June 30 of the next year. This change does not affect any prior loans made to borrowers; the terms and interest rates of those loans remain the same. These reduced interest rates apply only to subsidized loans; any unsubsidized Direct Loan for the same undergraduate borrower would continue to be made at the current fixed interest rate of 6.8 percent.

Federal Direct Parent PLUS Loan

This loan is a low-interest student loan that parents can get for their dependent, undergraduate student who is attending at least half-time.
The interest rate is a fixed 7.9%.
There is a 2.5% net fee (4% origination fee less an upfront rebate of 1.5% that assumes 12 on-time monthly payments) deducted from each disbursement.
Loan funds are disbursed directly to Evangel University in equal amounts for each term of the academic year.
The maximum that can be borrowed is the cost of education less any other forms of financial aid.
PLUS loans CANNOT be processed after the end of the loan period, therefore, cannot be used to pay a past due balance.
Payments can be deferred until six months after the student graduates, withdraws or drops below half-time status.
If a parent is denied on a PLUS loan, their student can automatically receive additional unsubsidized Direct loan funds. Freshmen and sophomores receive an additional $4,000 and juniors and seniors receive an additional $5,000.

Parent PLUS loan detail

Instructions for Parent PLUS loan borrowers:

A Direct PLUS Loan Request must be done before completing the Parent PLUS Loan Master Promissory Note. This form will allow a credit check to be done to see if you are approved for a Parent PLUS Loan.
After the credit check has been done, the Parent PLUS Loan Master Promissory Note must be completed in order for the loan to be processed.
Both forms can be found at StudentLoans.gov.

Private Loans

Students seeking a professional credential or certification that is required for employment as a nonteaching professional (e.g., a school administrator, librarian, nurse, or school counselor) may choose to receive private loans to finance certification only schooling.

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.

Simple Tuition Calculators

For Graduate Students

Federal Direct Grad PLUS Loan

The Graduate PLUS loan, or GradPLUS loan, is a low-interest student loan offered to graduate students.
The interest rate is a fixed 7.9%.
There is a 2.5% net fee (4% origination fee less an upfront rebate of 1.5% that assumes 12 on-time monthly payments) deducted from each disbursement.
Loan funds are disbursed directly to Evangel University in equal amounts for each term of the academic year.
The maximum that can be borrowed is the cost of education less any other forms of financial aid.
Payments can be deferred until six months after the student graduates, withdraws or drops below half-time status.
The interest is tax deductable for most graduate students.

Grad PLUS Loan Master Promissory Note through the Department of Education