Student Loans

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

All Graduate and Professional Studies students: Amanda Eversole ext. 7431
Otherwise, choose your counselor based on the first letter of your last name:
A-K: Betsy Williams ext. 7309
L-Z: Karla Parker ext. 7444

For Graduate and Undergraduate Students

If students are non-degree seeking and are certification-only, the following policies apply. Students are eligible to receive Stafford or PLUS Loan funds only if the coursework is required for elementary or secondary teaching certification or recertification in the state the student is teaching. If this certification is not required for teaching in the applicable state, the student would not be eligible for Stafford or PLUS Loan funds to cover the cost of those courses.

Subsidized Federal Stafford Loan

Banks and private lending agencies make these loans available to students demonstrating need.
Students do not make payments nor pay interest while enrolled at least half-time. Interest charges and repayment of principal begin six months after the student leaves school or drops below half-time enrollment.
Some lenders have an origination fee of up to 2% that will be deducted from each loan disbursement.
This loan must be repaid.

Unsubsidized Federal Stafford Loan

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.
Some lenders have an origination fee of up to 2% that will be deducted from each loan disbursement.
This loan must be repaid.

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.

For Undergraduate Students

Parent Loan for Dependent Undergraduate Students (PLUS Loan)

This loan is available to parents whose credit meets the lenders requirements.
Interest is charged from the first disbursement date and repayment of principal and interest can be deferred until after the student leaves or falls below half-time status if the lender offers that option. Otherwise, repayment begins 60 days after the loan is fully disbursed.
An origination fee of 3% is deducted from each loan disbursement.
This loan must be repaid.

Additional Unsubsidized Federal Stafford Loan for independent or dependent students who have had a PLUS Loan denial

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 up to 2% that will be deducted from each loan disbursement.
This loan must be repaid.

Federal Perkins Loans

The Federal Perkins Loan Program provides low-interest loans to students that exhibit high levels of financial need. We use ECSI as our loan servicer and partner with them in administering the Perkins loan program at Evangel.
Low fixed interest rate of 5%
Cancellation options (link to cancellation page) for the qualifying individuals working in select fields
Forbearance and deferment options
This loan must be repaid.