Self-Help Assistance

The term "self-help" refers to either borrowing and/or working. Loans must be repaid by the student and/or the parents. Employment or work-study provides a moderate resource which can assist the student in meeting part of his/her expenses.

Summaries of the various self-help programs are as follows:

Federal Loans

Federal Stafford Loan


The interest rates on loans made during the 2015-16 academic year are 4.29% for both subsidized and unsubsidized loans for undergraduates. Annual borrowing limits are $5,500 for freshmen (0-28 hours); $6,500 for sophomores (29-58 hours); and $7,500 for juniors and seniors (59+ hours). Graduate levels are at 5.84% and the annual borrowing limit is $20,500.

Federal Perkins Loan

This federal loan is a need-based, 5% interest loan made to students by Grace College. Interest does not accrue during the time the student is in school. A beginning amount was granted to Grace from the federal government which, combined with repayments to the fund from previous Grace borrowers, determines the number and amount of loans which can be made available. Most loans do not exceed $2,000 per year due to limited funds. There is a nine month grace period after the student is no longer enrolled at least half-time.

Federal PLUS Loans

This is a non-need-based loan program which allows parents to apply to borrow funds to pay for college expenses. A parent may apply to borrow a maximum of the student's cost of attendance minus any student financial aid. The PLUS loan has an annual interest rate of 6.84%. Monthly repayment on PLUS loans begins within 60 days after the second disbursement of the loan. Deferment may be requested at the time of application for the loan.


Student Employment


