Future Students >  Financial Aid >  Federal Loans > 

Federal Loan Programs

2014-2015 Federal Loan Information
Federal loans (including fees, interest rates, and limits) are dependent upon funding levels appropriated by the Federal Government and are subject to change. The Federal Direct Loan program is a federally-funded, self-help program offering a way to borrow money to pay for higher education. The Direct Loan Program offers a few types of loans: Stafford loans for students, PLUS loans for parents and consolidation loans for both students and parents. Visit the Direct Loan Web site for more details, including loan calculators.

Federal Direct Stafford Loans

Subsidized and Unsubsidized Direct Stafford Loans are offered to eligible students on the Award Letter. If you would like to accept Direct Stafford Loans, please complete and return the acceptance form. First time Direct Stafford Loan borrowers must also complete Direct Loan Entrance Counseling and an electronic Direct Loan Master Promissory Note.

These are federally funded loans based on financial need and must be repaid.
  • Currently, the interest rate for loans disbursed in the 2014-2015 school year is a fixed 3.86% for Subsidized and 3.86% for Unsubsidized. These interest rates are subject to change.  No interest is charged on Subsidized loans and no payments are required on the principal while the student is enrolled at least half-time. Unsubsidized loans accrue interest while the student is in school and during the grace period, although no interest payments are required.
  • Repayment begins six months after a student graduates, leaves school or falls below half-time attendance or enrollment.
  • Currently, the federal government charges fees totaling 1.072 percent of the loan, before disbursing the loan proceeds, for the 2014-2015 school year.  The fee is subject to change.
Federal Direct PLUS Loans
If you are interested in a parent PLUS Loan, please complete and return the PLUS Loan Request Form and complete an electronic PLUS Loan Master Promissory Note.

The PLUS loan is available to credit-worthy parents and is not based on financial need.
  • The student must be enrolled at least half-time and the loan must be repaid.
  • Interest is charged while the student is enrolled. The interest rate is currently a fixed 6.41 percent with fees totaling 4.288 percent of the loan amount.  These amounts are subject to change.
  • The loan is made in the parent’s name, not the student.
  • Repayment for parent PLUS Loans begins immediately after the past disbursement of the loan is made for the school year.  This means that the parent generally must begin repayment while the student is still in school.

Federal Perkins Loan
Perkins Loans are offered to eligible students on the Award Letter. You must complete and return the acceptance form to accept your Perkins Loan. This federally funded, campus-administered loan is based on financial need and must be repaid.
First time Perkins Loan borrowers must also complete Perkins Entrance Loan Counseling and a Perkins Master Promissory Note.
  • A Perkins Loan has a fixed interest rate of 5%. No interest is charged and no payments are required on the principal while you are enrolled at least half-time.
  • Repayment begins nine months after you graduate, leave school or enroll below half-time.
  • There are no origination fees. 

Illinois College Facebook Illinois College Twitter Illinois College Instagram Illinois College YouTube    Contact Us  Directions  Login  Site Map
Illinois College   |  1101 West College Avenue, Jacksonville, Illinois 62650   |   217.245.3000   |   info@mail.ic.edu
search login