Low-interest loans are available to help you invest in your education at Meredith College. In many cases, the interest may be deferred until you complete your studies. Brief descriptions of available loan options follow. For more personal, detailed information, contact the Meredith College Office of Financial Assistance.

• Federal Perkins Loan
• Federal Stafford Student Loan
• Unsubsidized Federal Stafford Student Loan
• The Pickett and Hatcher Educational Fund
• Federal Parent Loans for Undergraduate Students (PLUS)
• College Foundation Inc. (CFI) - Preferred Lender
• Work-Study Opportunities

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Loans

Federal Perkins Student Loan - The Office of Financial Assistance determines your loan amount based on the FAFSA analysis. The loan is repayable at 5 percent interest over a 10-year period, beginning nine months after you leave college. Meredith College has a limited number of Perkins loans; they are provided only to students with the highest demonstrated need.

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Federal Stafford Student Loan - Provides up to $2,625 in the first year, $3,500 in the second year, and $5,500 a year thereafter, for a total of $23,000 for undergraduate study.  Graduate students can borrow up to $10,500 per year. Students apply through commercial lenders. If you and your family meet certain criteria, the loan may be subsidized, which means the federal government will pay the interest while you are enrolled at Meredith. If the loan is not subsidized, the interest accrues while you are in school. Repayment of principle and interest begins six months following graduation, when you enroll less than half time, or when you terminate your studies.

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Unsubsidized Federal Stafford Student Loan - This lending option is available to students who do not qualify for the need-based Federal Stafford Student Loan. This loan has the same terms and conditions as the Federal Stafford Student Loan, except that interest accrues while you are in school. The application procedure is the same as for the Federal Stafford Student Loan.

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The Pickett and Hatcher Educational Fund - This fund offers loans up to $5,500 annually. The loans may be repaid annually at annual rate of 2 percent while you are enrolled full-time, and at 6 percent thereafter. Contact the Pickett and Hatcher Educational Fund, Inc., P.O. Box 8169, Columbus, GA 31908, call 706-327-6586 or visit at www.pickettandhatcher.org

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Federal Parent Loans for Undergraduate Students (PLUS) - A federal loan program for parents of undergraduate college students. Loans up to the cost of attendance - minus financial aid - are available each year at a variable interest rate from commercial lenders nationwide. Repayment begins immediately after the loan is disbursed.

The Office of Financial Assistance recommends that you make every effort to secure grants and student loans before getting a parent loan. Repayment of parent loans begins immediately.

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Preferred Lender
Meredith's preferred lender is College Foundation Inc. (CFI). CFI offers a number of advantages to save Meredith students money, and to make the loan process easier. These advantages are:

• CFI caps the interest rate on Stafford loans at 7.75% - lower than the 8.25% rate offered by the federal government
• CFI waives and credits loan fees, saving the average student borrower ($10,000 total debt) over $500
• CFI rewards students for on-time payments of their loans by progressively reducing interest rates
• CFI provides life-long service to student borrowers (never sells or transfers loans), which means that payments are always made to the same place.

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Work-Study Opportunities
On-campus student employment for qualified students, paying at least the minimum wage and averaging about $1000 per academic year is available. In addition, the College provides a referral service for those who seek part-time employment in the Raleigh community.

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