Financing

The Office of school funding and Scholarships offers entrance counseling to emphasize the loan process and beginner responsibilities as well as exit sessions to describe the repayment processes. A student can finalize both Entrance and leave guidance out of this site. Student loans may be a good tool in money the education, but utilize them carefully. Borrow best exactly what you need. A student ought to be signed up at least 6 time (half-time) as qualified to receive government Loans. Novice individuals at EIU may also need certainly to perform a Master Promissory notice (MPN).

Loan Kinds Available

Government Direct Loan Increase/Decrease Requests

To request an alteration to your federal subsidized or unsubsidized amount borrowed, it is vital that you check in to PAWS to submit the demand.

Go directly to the educational funding tab, select the Award hyperlink, prize for Aid 12 months website link, and then the Resources/Additional Ideas tab. Insert the request in book package and publish. Please become certain you need to include financing sort, quantity, and semester. If demand is actually ambiguous, you’ll be questioned to resubmit in order to explain.

** The PAWS submitting type applies to the student’s subsidized and unsubsidized financing only and should not be used to revise parent PLUS financing or to inquire mortgage improvement as a result of a PLUS financing denial or change in quality course. Moms and dads may distribute POSITIVE loan modification desires to finaidPLUS@eiu.edu. If you would like need one of them changes, please upload the specific kind readily available right here .

Take note: Revisions shall be generated in relation to scholastic year finances as well as other aid got. Yearly and aggregate mortgage restrictions additionally incorporate. Kindly review your loan limits in advance of distribution:

Government Loans

Federal Perkins Loan Plan

NOTE: This product keeps expired, efficient Sept. 29, 2017.

The government Perkins mortgage is actually a low-interest mortgage to simply help college students buy her degree after twelfth grade. Its designed for both undergraduate and graduate college students. The Perkins mortgage Program are a very popular supply of student aid as a result of suprisingly low interest. A lot of college students be involved in the Perkins mortgage plan, but because restricted resources, the honors go to those youngsters who use very early and prove need. Honours become susceptible to the snap the link now availability of federal funds.

The rate of interest on all Perkins financing are 5 percentage.

Any time you recognize a Federal Perkins Loan, you will need to accomplish a Promissory notice, Confidential Information piece, and a legal rights and Responsibilities Sheet. These paperwork will likely be delivered following prize Letter was gone back to any office of school funding and Scholarships. Autumn and spring season promissory records include shipped beginning mid-July. Summertime promissory notes are sent beginning mid-May.

The loan gets into payment as soon as the beginner no longer is signed up or enlisted around six days for a period of nine months. When in payment, mortgage repayments are made to the pupil records Office at Eastern Illinois institution. Before you leave Eastern, youngsters must go to leave counseling conducted by college student Accounts workplace at 217/581-3715.

Student loan restrict your government Perkins Loans at EIU: Undergraduate = $2,000 (standard educational seasons) plus $1,500 (summer time) for a yearly total of $3,500; $15,000 maximum.

William D. Ford Government Direct Mortgage Programs

These loans are low-interest loans made to you to let you pay money for your knowledge after highschool. There’s two kinds of federal immediate financial loans:

Subsidized and unsubsidized Direct Loans become low-interest debts that do not require a cosigner. Interest rates become set. Money for those mortgage applications comes from government entities. Many children begins repayment 6 months after leaving EIU or losing down the page half-time.

The government identifies the interest rate for new loans each class 12 months. The interest rate will not surpass 8.25 per cent. Pupils must be signed up at least six credit hours per semester to qualify for a subsidized and/or unsubsidized financing. Repayment begins six months after graduation, or following the beginner ceases to get enrolled in at the least six credit score rating time.