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Perkins Loans: Olivet Nazarene University participates in this student loan program sponsored by the U.S. Department of Education. A maximum of $15,000 in four years of undergraduate study may be awarded in these loans. A FAFSA must be submitted annually for evaluation of need. Until the ONU Annual Authorization of Perkins Loan funds (determined by the U.S. Department of Education) have been exhausted, the limited funds are available only to students who have borrowed the maximum Stafford Loan for that term.
Stafford Loans: There are two Stafford Loan programs, subsidized and unsubsidized. All students who wish to borrow through either of the Stafford Loan programs must complete the FAFSA each year. Ability to participate in the subsidized Stafford Loan program is based upon calculated need. A maximum of $23,000 during the time required to achieve an undergraduate degree may be borrowed by qualified dependent students.
Loans at the freshman level (0–29 credit hours completed) are limited to $5,500 per year, with no more than $3,500 of that amount subsidized. Loans at the sophomore level (30–59 credit hours completed) are limited to $6,500, with no more than $4,500 of that amount subsidized. Loans in the junior and senior years (60 or more credit hours completed) may be up to $7,500 per year, with no more than $5,500 of that amount subsidized. Neither the subsidized, unsubsidized, or a combination of the two may exceed these yearly limits for dependent students. Independent students may borrow at increased limits under the unsubsidized Stafford Loan program.
Federal PLUS Loans: This federal loan is available to credit-worthy parents for their child’s educational expenses. If a parent is denied a PLUS loan, the student may be eligible for additional Unsubsidized Stafford Loan funds. More detailed information may be obtained from the Olivet Office of Financial Aid.
Private Educational Loans: Outside loans are available based on a student’s creditworthiness, and may require a co-signer. More detailed information may be obtained from the ONU Office of Financial Aid.