Types of Loans

All questions about financial aid should be directed to the Financial Aid Office. For federal Direct Loans, first-time borrowers must sign a Master Promissory Note (MPN) and complete Entrance Counseling. Loans will not disbursed to the student’s account until these two steps are completed. 

Outside scholarship checks from corporations, private parties, or foundations should be sent directly to the Financial Aid Office at 507 West 10th Street, West Point, Georgia 31833. Financial Aid staff will apply the scholarship amount to the student’s financial aid for the academic year and forward to the Student Billing and Payment Center for crediting to the student’s account. 

Direct Subsidized Loan is available to students pursuing an undergraduate degree who demonstrate financial need to help with the cost of higher education. The Department of Education pays the accruing interest on a subsidized loan while the student is enrolled at least half-time, during the six months after leaving school, and during periods of deferment. A Direct Unsubsidized Loan is available to undergraduate students regardless of financial need. Interest does accrue on a Direct Unsubsidized Loan while the student is enrolled in school and during deferments. There is an annual loan limit on a subsidized or unsubsidized loan based on the student’s classification. Freshmen may borrow up to $5,500 with no more than $3,500 in a subsidized loan; sophomores may borrow up to $6,500 with no more than $4,500 in a subsidized loan, and junior and seniors may borrow up to $7,500 with no more than $5,500 in a subsidized loan. Beginning July 1, 2013, there is a limit on the maximum period of time that you can receive Direct Subsidized Loan. This limit is six years for a student pursuing a bachelor’s degree and three years for a student pursuing a two-year associate degree program. In addition to annual loan limits and subsidized loan limits, there are lifetime loan limits under the Federal Direct Loan Program. These limits are $31,000 for dependent students and $57,500 for independent students. Students who have previous college attendance can view their remaining loan eligibility on the Federal Student Aid website here. 

Direct PLUS Loan is available to the parents of a dependent student to help pay for educational expenses not covered by financial aid. Unlike Direct Loans, a Direct PLUS Loan requires a credit check to qualify. If the parent borrower qualifies, he or she can borrow up to the cost of attendance minus their financial aid packaging. If the borrower doesn’t qualify, an credit-worthy co-signor, can be added to the loan for approval or the borrower’s dependent student may borrow additional Unsubsidized Loan funds up to $4,000-$5 000 annually based on classification.

Private outside loans are also an option if needed to help pay for school expenses. We process outside loans such as Sallie Mae, Discover, etc. through the system Elm One that will help you find the loan that is right for you.

A Parent PLUS Loan is a federal loan that can be completed by a parent for a dependent student to help pay for college expenses for one academic year. If the parent is approved, we will add the approved amount to the award letter and send an email to the student prompting them to accept the loan in the CampusVue Student Portal. There is a 4.276% origination fee, so please keep this in mind when determining the loan amount. If the parent is denied, then we can add between $4,000 (Freshman/Sophomores) and $5,000 (Juniors/Seniors) in an unsubsidized loan. The current interest rate is 6.31%.

Step 1: Go to www.studentloans.gov.

Step 2: Click “Log In” and log in with your created FSA ID (Parent).

Step 3: Once you have logged in, click “Request a Direct PLUS Loan.”

Step 4: Click the “Parent PLUS” option.

Step 5:

  • Enter application data
  • Enter Student Information first
  • Academic year
  • School: Point University
  • Loan period dates: this loan will be applied evenly between the Fall and Spring semesters
  • Amount: If you select “maximum amount,” we will calculate that amount by taking the annual budget and subtracting all packaged financial aid first. You can also enter a specific dollar amount.

Step 6: Once the application has been submitted, a credit decision will appear. If you are approved, please proceed to the next steps to complete a PLUS Master Promissory Note.

Step 7: If you are denied or asked to complete additional options, then we will receive the PLUS denial within 24 hours. We will update the award letter accordingly.

Loan Repayments and interest have resumed. 

Please see the steps below to prepare and avoid scams:

  1. Review Exit Counseling here (Pending Graduates must complete to receive diploma and transcripts)
  2. Update your contact information on the website to make sure the most recent information is correct.
  3. Reach out to your Loan Servicer. To find out who your loan servicer is, visit your account dashboard and scroll down to the “My Loan Servicer” section or call the Federal Student Aid Information Center at 1-800-433-3243.
  4. Review payment plans with your loan servicer.

What is a Federal Subsidized Loan?

A loan in which the federal government pays the interest (subsidizes the interest) while the borrower is enrolled in at least half-time status (6 hours). The borrower only pays the interest that accrues once enrollment drops below half-time. A first-year student may borrow up to $3,500 per academic year and a second-year student may borrow up to $4,500 per academic year. A third and fourth year borrower may borrow up to $5,500 a year.

What is a Federal Unsubsidized Direct Loan?

A loan in which the borrower is responsible for paying the interest that begins accruing as soon as the lending agency releases the funds. A dependent student may borrow up to $2000 per academic year while an Independent student may borrow up to $6,000 per academic year for first/second year and $7,000 for third/fourth year students.

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