Loans

Money provided to students which must be repaid. Generally, student loans have low interest rates and permit a long term repayment. Southeastern participates in the following loan programs

Federal Perkins Loan [formerly National Direct Student Loan (NDSL)]

Federal Stafford Student Loans (On-Line Stafford Loan Application E-sign)

A Stafford Student Loan is a federal aid program. It has a variable interest rate which is reset every July 1. By law, it cannot exceed 8.25%. This loan is in deferment (repayment not required) as long as the student remains enrolled on at least a half-time basis. Once a student is no longer enrolled on at least a half time basis, the Stafford Loan has a six month grace period before it goes into repayment. The monthly repayment amount depends on the total amount of your combined student loans, the length of the payment period and the repayment option which you choose.

For a subsidized Stafford Loan, the U.S. Department of Education pays the interest while you’re enrolled on at least a half-time basis. For an unsubsidized Stafford Loan, the student is responsible for the interest from the time the loan is disbursed until the loan is paid in full. You can pay the interest as you go through school or allow the interest to accrue while you are in school.

The amount of your student loans depends on several variables including your expected family contribution from the FAFSA, other types of financial aid which you receive and your grade level. Depending on eligibility limits, a student might receive a loan which is only subsidized or only unsubsidized or a combination of subsidized and unsubsidized loans.

 

Federal PLUS (Parent Loan for Undergraduate Students)

If you are a dependent student and your financial aid doesn’t meet your full cost of attendance, your parent may be able to take out a federal Parent Loan for Undergraduate Students (PLUS) if they so choose. PLUS Loans are available to provide a parent with additional resources to help pay the educational expenses of an undergraduate child, who is enrolled at least half time. Since the parent is the borrower, the responsibility of repaying PLUS Loans rests with the parent rather than the student. The Office of Student Financial Services will pursue other options of aid for you before calculating PLUS Loan eligibility. PLUS eligibility is a last resort.

To be eligible to receive a PLUS Loan, a parent will be required to pass a credit check. If for some reason the PLUS Loan is denied, you may have the option to borrow additional unsubsidized Stafford Loans in your own name. A copy of the PLUS Loan denial from the lender is required for us to confirm your additional unsubsidized Stafford Loan eligibility.

Repayment on a PLUS Loan starts within 60 days upon disbursement. Some lenders have interest only payment options for up to four years. The PLUS Loan interest rate is variable and could change each year of repayment, but by law it will never exceed 9.0 percent.

If you are interested in Parent Plus Loan please contact the Student Financial Aid Office.

Borrow Only What You Need - Keep Track of Your Paperwork!

Student loans are easy to get. They are so easy, they can be dangerous! They are loans and they must be paid back, with interest. So borrow conservatively! Also keep in contact with your lender so you always have current information about your loan from them.
 

Office of Student Financial Aid
Southeastern Oklahoma State University
1405 N. 4th, PMB 4113
Administration Building
Durant, OK 74701-0609
Ph: 580-745-2186 Fax: 580-745-7469 Email: financialaid@sosu.edu
 

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