Loans

Federal Perkins Loans

The federal government provides these loan funds to the College so they can be awarded to students with the greatest financial need. Awards range from $100 to $4000 per year. The interest rate is fixed at 5% and interest does not accumulate while the student is enrolled. Repayment does not begin until the student graduates or leaves school and a nine month grace period has expired. Repayment can be deferred for graduate study.

Federal Stafford Loans

Federally subsidized Stafford loans are available to students who demonstrate need for this loan upon filing a FAFSA and submitting supporting documentation to the school. Students are eligible to borrow up to $3500 for freshman year, $4500 for the sophomore year and $5500 for the junior and senior year. The interest rate is fixed at 6.0 percent and the government pays the interest while the student is enrolled at least half-time. Repayment begins after the student leaves school or drops below half time and a six month grace period has expired. Repayment can be deferred for graduate study (provided students maintain at least half-time status). Unsubsidized federal Stafford loans are available to students regardless of need. To qualify, the student must file the FAFSA and provide supporting documentation. The loan limits and deferments are the same as the subsidized loan. However, the interest rate is 6.8% and the interest does accumulate while the student is enrolled. Students have the option of paying the interest while in school or having the interest capitalized at repayment. Students who meet the federal criteria for independent status can borrow addition loan funds up to $4000 as freshmen and sophomores and up to $5000 as juniors or seniors. Please note: In addition to the maximum amount of Stafford Loans listed above, the federal government has made an additional $2,000 unsubsidized Stafford Loan available to all students effective July 1, 2008.

Federal Parent Loans

With this federal loan programs, parents are able to apply for a loan up to the cost of attendance minus any financial aid the student is receiving. The interest rate is fixed at 8.5% and there is a 3% origination fee as well as 1% default fee deducted from the loan before disbursement. Approval is based on a credit check performed by the lender. Repayment begins 60 days after the loan is fully disbursed and parents have up to 10 years to repay the loan. The parent may qualify for a forbearance and delay payments for a specified period of time if needed. Union College Loans These college funded loans normally range from $1000 to $5000 and have a fixed interest rate of 8%. The interest does not accumulate while the student is enrolled and repayment begins 6 months after the student has graduated or leaves school. These loans are generally based on need and the standard application procedures apply. Repayment can be deferred for graduate school.

Alternative Loan Programs

These non-federal education loans are available to students from various lending institutions. The interest rate is variable and differs from lender to lender. The loan can be deferred until after graduation but the interest on the loan does accumulate while the student is enrolled. In most cases a co-borrower with good credit is necessary for the loan to be approved. Since the federal loan programs have better terms, we advise students to consider these options before applying for an alternative loan.

Chester Arthur Undergraduate Support for Excellence Awards (CAUSE)

Awards are made to incoming freshman students who demonstrate financial need and who wish to engage in public service work upon graduation. In exchange for cancelable loans, students are asked to make a societal contribution. Interested applicants must follow standard financial aid application procedures and submit a separate CAUSE application. These forms are available through the Admissions Office.

Supplemental Financing Options

Please contact the lenders in your community to learn about the educational supplemental loan programs they offer. Feel free to contact Union's Financial Aid Office for more information about private supplemental options.

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Admissions Home Visit Campus Apply to Union Cost & Financial Aid Costs Aid Programs Scholarships & Grants Loans Student Employment Other Programs Application Process & Deadlines Loan Process Tools and Resources Contact Us Forms Union at a Glance FAQs Contact Us	Loans Federal Perkins Loans The federal government provides these loan funds to the College so they can be awarded to students with the greatest financial need. Awards range from $100 to $4000 per year. The interest rate is fixed at 5% and interest does not accumulate while the student is enrolled. Repayment does not begin until the student graduates or leaves school and a nine month grace period has expired. Repayment can be deferred for graduate study. Federal Stafford Loans Federally subsidized Stafford loans are available to students who demonstrate need for this loan upon filing a FAFSA and submitting supporting documentation to the school. Students are eligible to borrow up to $3500 for freshman year, $4500 for the sophomore year and $5500 for the junior and senior year. The interest rate is fixed at 6.0 percent and the government pays the interest while the student is enrolled at least half-time. Repayment begins after the student leaves school or drops below half time and a six month grace period has expired. Repayment can be deferred for graduate study (provided students maintain at least half-time status). Unsubsidized federal Stafford loans are available to students regardless of need. To qualify, the student must file the FAFSA and provide supporting documentation. The loan limits and deferments are the same as the subsidized loan. However, the interest rate is 6.8% and the interest does accumulate while the student is enrolled. Students have the option of paying the interest while in school or having the interest capitalized at repayment. Students who meet the federal criteria for independent status can borrow addition loan funds up to $4000 as freshmen and sophomores and up to $5000 as juniors or seniors. Please note: In addition to the maximum amount of Stafford Loans listed above, the federal government has made an additional $2,000 unsubsidized Stafford Loan available to all students effective July 1, 2008. Federal Parent Loans With this federal loan programs, parents are able to apply for a loan up to the cost of attendance minus any financial aid the student is receiving. The interest rate is fixed at 8.5% and there is a 3% origination fee as well as 1% default fee deducted from the loan before disbursement. Approval is based on a credit check performed by the lender. Repayment begins 60 days after the loan is fully disbursed and parents have up to 10 years to repay the loan. The parent may qualify for a forbearance and delay payments for a specified period of time if needed. Union College Loans These college funded loans normally range from $1000 to $5000 and have a fixed interest rate of 8%. The interest does not accumulate while the student is enrolled and repayment begins 6 months after the student has graduated or leaves school. These loans are generally based on need and the standard application procedures apply. Repayment can be deferred for graduate school. Alternative Loan Programs These non-federal education loans are available to students from various lending institutions. The interest rate is variable and differs from lender to lender. The loan can be deferred until after graduation but the interest on the loan does accumulate while the student is enrolled. In most cases a co-borrower with good credit is necessary for the loan to be approved. Since the federal loan programs have better terms, we advise students to consider these options before applying for an alternative loan. Chester Arthur Undergraduate Support for Excellence Awards (CAUSE) Awards are made to incoming freshman students who demonstrate financial need and who wish to engage in public service work upon graduation. In exchange for cancelable loans, students are asked to make a societal contribution. Interested applicants must follow standard financial aid application procedures and submit a separate CAUSE application. These forms are available through the Admissions Office. Supplemental Financing Options Please contact the lenders in your community to learn about the educational supplemental loan programs they offer. Feel free to contact Union's Financial Aid Office for more information about private supplemental options.
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