1988-1989 Academic Catalog

178 Financial Information Other Educational Loans Loans may be available through local banks or specific organi– zations. High school guidance counselors can provide informa– tion concerning many of these loan programs. Children of farmers children can arrange educational loans through their local Produc– tion Credit Association Office. The director of financial aid can supply additional information concerning the above loan opportunities. Perkins Loans Perkins Loans are available through the college to students who are citizens of the United States and who can demonstrate finan– cial need to meet educational expenses. Detailed information and application forms are available from the director of financial aid. The Perkins Loan Fund (NDSL) was established to help stu– dents pursue their courses of study at their chosen institutions of higher education. A student is eligible ifhe is: (1) a national of the United States, in the United States for other than a temporary purpose and intends to become a permanent resident thereof, a permanent resident of the Trust Territory of the Pacific Islands, or the Northern Mariana Islands; (2) in need of the amount of the loan to pursue a course of study at an eligible institution; (3) capable, in the opinion of the institution, of maintaining good standing in such course of study; and (4) accepted for enrollment as at least a half-time undergraduate student. Continuing students must be in good standing and enrolled as at least a half-time undergraduate. The statute governing the Perkins Loan Fund does not restrict the amount which may be granted per academic year. However, the aggregate of all loans for all years from the PLF may not exceed: (1) $18,000 in the case of any graduate or professional student, including any loans from such funds made to such person before he or she became a graduate or professional student' (2) $9000 in the case ofa student who has successfully completed'two academic years of a program of education leading to a bachelor's degree, but who has not completed the work necessary for such a degree, including any loans from such made to that person before he or she became such a student; and (3) $4500 in the case of any student who has not completed two academic years of a program of education leading to a bachelor's degree. Repayment begins nine months after graduation or when a student leaves school for other reasons. One may have up to 10 years to pay back the loan, depending upon the aggregate amount borrowed. During the repayment period, the borrower will be assessed five percent interest on the unpaid balance of the loan principle. No payments are required for up to three years while one is serving in the Armed Forces, Peace Corps, Vista, or other areas in special service. The director of financial aid will explain to the student appli– cant about loan cancellation provisions for borrowers who go into certain fields of teaching or specified military duty.