Student Loans

Need help with loans?

Subsidized Stafford Loans

Amount: First-Year Student, $3,500; Sophomore, $4,500; Junior/Senior, $5,500.

Loan amounts are subject to a processing fee.

Unsubsidized Stafford Loans

Amount: First-Year Student, up to $5,500; Sophomore, up to $6,500; Junior/Senior, up to $7,500.

Loan amounts are less any Subsidized Stafford Loan and are subject to a processing fee.

Perkins Loans

Amount: Up to $3,500 per year.

Private and Alternative Loans

Alternative loans are available from a variety of banks and lenders. You can apply for an alternative loan by contacting the lender directly. Often, lenders require that Albion’s Student Financial Services Office certify that you are a student and confirm your costs for the year.

It’s important to be an informed borrower.

Loan provisions and requirements vary greatly and change frequently. Contact your lender for specific information regarding the most current interest rates, fees, and eligibility requirements before taking a loan.

Be sure to research loan companies carefully. The Federal Trade Commission has a helpful Web site that provides tips on selecting a lender.

Other private loan programs exist, and information is available from the Student Financial Services Office at Albion College.