The Office of school funding and Scholarships provides access counseling to highlight the loan procedure and pupil responsibilities also exit counseling to explain the repayment techniques. A student can finalize both Entrance and escape Counseling with this web site. Student loans tends to be a useful means in financing your training, but use them wisely. Borrow best what you need. A student should be enlisted about 6 days (half-time) to get entitled to Federal Loans. First-time individuals at EIU will also need to submit a Master Promissory notice (MPN).
Financing Types Available
Federal Direct Loan Increase/Decrease Desires
To inquire a change your national subsidized or unsubsidized amount borrowed, you must check in to PAWS add the request.
Go to the Financial Aid case, select the Award link, prize for help Year hyperlink, then the Resources/Additional Facts case. Submit their request in book field and publish. Just end up being certain you need to include loan type, quantity, and semester. In the event that request is actually ambiguous, you’ll be expected to resubmit to clarify.
** The PAWS submission form pertains to the student’s subsidized and unsubsidized loans best and should not be used to revise moms and dad BENEFIT financial loans or to inquire financing variations considering a PLUS mortgage assertion or change in grade class. Mothers may publish POSITIVE loan modification demands to finaidPLUS@eiu.edu. If you would like need these adjustment, kindly distribute the precise type offered right here .
Please note: changes should be generated in relation to academic season finances as well as other aid obtained. Annual and aggregate financing limitations also apply. Be sure to test the loan limits just before submitting:
Federal Perkins Loan Program
NOTICE: this system has actually ended, efficient Sept. 29, 2017.
The Federal Perkins Loan is actually a low-interest financing to help college students buy their own degree after senior high school. Its readily available for both undergraduate and grad pupils. The Perkins Loan regimen try a very popular supply of beginner aid because of the low rate of interest. A lot of students take part in the Perkins financing Program, but due to its minimal resources, the honours go to those youngsters just who implement early and demonstrate require. Honours are subject to the availability of federal resources.
The interest rate on all Perkins debts is 5 percentage.
Should you accept a Federal Perkins Loan, you will want to finish a Promissory notice, private Information layer, and a liberties and obligations piece. These types might be delivered after the prize Letter was returned to any office of Financial Aid and Scholarships. Fall and springtime promissory notes are mailed starting mid-July. Summertime promissory notes become shipped beginning mid-May.
The mortgage goes in repayment when the beginner no longer is enlisted or enlisted under six hours for a time period of nine several months. As soon as in payment, financing payments are designed to the college student records workplace at Eastern Illinois University. Before leaving Eastern, youngsters are required to go to exit counseling performed from the scholar profile Office at 217/581-3715.
Student loan restrict your government Perkins financing at EIU: Undergraduate = $2,000 (typical scholastic season) plus $1,500 (summertime) for an annual complete of $3,500; $15,000 maximum.
William D. Ford Federal Direct Loan Products
These financial loans tend to be low-interest loans meant to you to definitely make it easier to pay for the degree after highschool. There are two forms of national drive financial loans:
Subsidized and unsubsidized immediate debts are low-interest debts that do not require a cosigner. Rates are repaired. The cash for those financing programs is inspired by the federal government. The majority of students will start repayment 6 months after leaving EIU or falling lower half-time.
The us government decides the interest rate for brand new loans each school 12 months. The interest rate cannot meet or exceed 8.25 percent. Youngsters ought to be enrolled at least six credit score rating hrs per semester to qualify for a subsidized and/or unsubsidized mortgage. Repayment begins half a year after graduation, or following beginner stops are signed up for at the least six credit hours.