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​Student Loan Deferment​ ​​

There are many options to finance your education. One way is to borrow. Federal, state and private loans offer a variety of repayment options and can help you make a long-term investment in a Furman education. However, you and your family should carefully consider the appropriate amount to borrow.

Federal Perkins Loan

A federal Perkins Loan, or Perkins Loan, is a need-based student loan. The federal Perkins Loans are unique from other student loans because they are eligible for principal and interest cancellations. Students who enter the following careers may be eligible for loan forgiveness.

  • Teachers in Title I schools
  • Teachers for subjects in shortage areas
  • Full-time professionals working in childhood Early Intervention Services
  • Law Enforcement or Corrections Officers
  • Nurse or Medical Technicians
  • Agents working in Child and Family Services
  • Attorneys employed by Defender Organizations
  • Firefighters
  • Faculty at Tribal Colleges or Universities
  • Librarians
  • Speech-Language Pathologists
  • Early Childhood Education Aides or Teachers
  • Military Service
  • Volunteer Service addressed by the Peace Corps Act or Volunteer Service Act of 1973

Refer to the original Master Promissory Note to determine cancellation eligibility.

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Federal Direct Loan

The federal Direct Loan is a low-interest student loan with flexible repayment options. Subsidized loans are offered to students who are eligible for need-based financial assistance, while unsubsidized loans are available to those who do not qualify. 

No interest is charged on the subsidized loans until you graduate, withdraw from the university or enroll on less than a half-time basis. Interest will begin to accrue following a six-month grace period.

Unsubsidized loans are available to those who do not qualify for need-based financial assistance. Unlike subsidized loans however, interest accrues on these loans while students are still in school. Students may opt to pay the interest as they attend school or they may wait for the repayment period to begin.

To be eligible for a federal Direct Loan, students must... 

  • be a U.S. citizen or a legally-recognized permanent resident, 
  • not have previously defaulted on any type of federal loan, 
  • be enrolled or plan to enroll on at least a half-time basis, and 
  • maintain satisfactory academic progress. 

How to Apply

There are four required steps to apply for a federal Direct Loan. Make sure your Free Application for Federal Student Aid (FAFSA) is sent to Furman. Furman's Title IV (federal financial aid programs) code is 003434.

Annual Loan Limits

  Annual Loan Limits
 Undergraduate Subsidized
Unsubsidized
Combined
    Freshman  $3,500  $2,000
 $5,500
    Sophomore  $4,500  $2,000  $6,500
    Junior
 $5,500  $2,000
 $7,500
    Senior  $5,500  $2,000  $7,500
       
 Graduate  $8,500  $12,000  $20,500

Interest Rates


   Interest Rates (disbursed between July 1, 2016 and July 1, 2017)
 Undergraduate Subsidized
Unsubsidized
    Freshman  3.76%  3.76%
    Sophomore  3.76%  3.76%
    Junior
 3.76%  3.76%
    Senior  3.76%  3.76%​
     
 Graduate  n/a  5.31%

   Interest Rates (disbursed between July 1, 2015 and July 1, 2016)
 Undergraduate Subsidized
Unsubsidized
    Freshman  4.29% 4.29%
    Sophomore  4.29% 4.29%
    Junior
 4.29% 4.29%
    Senior  4.29% 4.29%
     
 Graduate  n/a  6.21%

Origination Fee

   Origination Fee
 Undergraduate Subsidized   Unsubsidized
    Freshman  1.073%   1.073%
    Sophomore   1.073%    1.073%
    Junior
  1.073%    1.073% 
    Senior   1.073%   1.073%
 
 Graduate   n/a
 1.073% 

Aggregate Loan Limits


Subsidized Unsubsidized Combined
 Undergraduate (Dependent)
 $23,000  $8,000
 $31,000
 Undergraduate (Independent with PLUS Loan Denial)
 $23,000  $34,500
 $57,500
 Graduate  $65,500*  $73,000  $138,500

* includes federal loans of any type for undergraduate study

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Federal Direct PLUS Loan

The federal Direct PLUS Loan is a low-interest loan available to parents of dependent undergraduate students. It can be used to borrow additional funds up to the total cost of attendance minus any financial aid already awarded.

To be eligible for a federal Direct PLUS Loan, both the parent and the student must be U.S. citizens or legally-recgonized permanent residents. Students must also be enrolled at least on a half-time basis. 

How to Apply

There are three required steps to apply for a federal Direct PLUS Loan. Make sure your Free Application for Federal Student Aid (FAFSA) is sent to Furman. Furman's Title IV (federal financial aid programs) code is 003434.

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Alternative Lender Marketplace

Once you have pursued and determined your eligibility for federal student loans, you may want to consider a loan from a credit agency or private lender. You and your family are responsible for reviewing and applying for these loans. Generally, private loans offer less favorable terms and conditions than federal loans. With that in mind, we urge you and your family to budget carefully and only borrow what is necessary.

We can not recommend or endorse any lender, but we do encourage you and your family to compare lenders. Be sure to review the terms and conditions, fees, repayments options and interests rates to find the private loan that best fits your needs.

Private Student Loan Marketplace

The Private Student Loan Marketplace allows you to compare, side-by-side, different loan rates and terms from various lenders. To provide you with the most accurate numbers possible, the marketplace will pull information from your credit report to simulate the terms of loans from local and national lenders. You and your family should choose the loan that is most appropriate for you.

South Carolina Teachers Loan

The South Carolina Teachers Loan was established to entice talented and qualified students into the teaching profession. This loan is cancelled at the rate of 20 percent or $3,000, whichever is greater, for each year of full-time teaching in a critical subject area or if you teach in a low-income area as designated by the state. If you teach in both a critical subject and a low-income area simultaneously, your loan is cancelled at the rate of 33.3 percent or $5,000, whichever is greater, for each year of full-time teaching. Freshman or sophomores can receive up to $2,500 per year, and juniors, seniors, or graduate students can receive up to $5,000 per year via the loan.

South Carolina Teachers Loan for Career Changers

The South Carolina Teacher Loan for Career Changers was established to give individuals an opportunity to enter the teaching profession. This loan is cancelled at the rate of 20 percent or $3,000, whichever is greater, for each year of full-time teaching in a critical subject or if you teach in a low-income area as designated by the state. If you teach in both a critical subject and a low-income area simultaneously, your loan is cancelled at the rate of 33.3 percent or $5,000, whichever is greater, for each year of full-time teaching. Qualified students may borrow an annual amount of $15,000 per year up to a cumulative amount of $60,000.

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STUDENT LOAN DEFERMENT

Students participating in federal student loan programs (Direct, Perkins or Stafford) can be eligible to defer interest and payments consistent with rules established by the U.S. Department of Education. A deferment is defined as a period where a borrower is not required to make scheduled installment payments and is not liable for any interest that might otherwise accrue if in repayment. Students enrolled on at least a half-time basis in any higher education institution or graduate fellowship program recognized by the U.S. Department of Education may defer their federal loan by notifying Furman of their intent to do so at any time. Refer to the Master Promissory Note issued with your loan for additional deferment situations.

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