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Federal Loans
Federal Perkins Loan:
A need-based, low-interest federal loan awarded to students who demonstrate exceptional financial need. Priority is given to students who meet the February 15th priority deadline. Hood College is the lender, and the loan is made with government funds. You must repay this loan. Awards vary, but cannot exceed $4,000 per year. Funding is limited; therefore, not all students meeting the criteria will receive Federal Perkins Loan funds. No interest accrues while in school, and repayment begins nine months after the student ceases half-time enrollment status. Your payment amount will depend on the size of your debt and the length of your repayment period. For more information regarding the Federal Perkins Loan program please refer to the FSA for Students Web site.
The Federal Stafford Loan:
The U.S. Department of Education's major form of self-help aid for students. The Department of Education is the guarantor for this low-interest federal loan program available to both undergraduate and graduate students. The program includes both subsidized (based on need) and unsubsidized (not based on need). For unsubsidized loans, interest begins to accrue as soon as the loan is disbursed; for subsidized loans, interest begins to accrue when repayment begins (six months after you graduate or when your attendance drops below half-time).
The interest on Stafford Loans is variable, capped at 8.25 percent. A six-month grace period begins after you graduate or when your attendance drops below half-time. Repayment begins at the end of the grace period.
For more information regarding the Federal Stafford Loan Program, or for other financial aid questions, please contact the Office of Financial Aid at (301) 696-3411 or (800) 922-1599 or by e-mail at finaid@hood.edu.Federal PLUS Loan:
A federally insured non-need-based loan program available to parents of undergraduate dependent students. Parents are eligible to borrow up to the cost of attendance less other financial aid received by the student.
For more information regarding the Federal PLUS Loan Program, or for other financial aid questions, please contact the Office of Financial Aid if you have any questions at (301) 696-3411 or (800) 922-1599 or by e-mail at finaid@hood.edu.