One way that many students pay for college today is through the use of student loans. There are a variety of loan programs for students as well as for the parents of dependent students, and each program is listed below.
Federal Stafford Loans
Available to all students as determined by the FAFSA who enroll at least half-time (6 credits/term for undergraduate; 4 credits/term for graduate), and are not in default on any other student loans. Stafford loans have a fixed 6.8% interest rate, and payments do not begin until six months after a student graduates, withdraws from school, or falls below half-time status. A Master Promissory Note and Entrance Interview are required and will be completed with the Office of Financial Aid before your first semester at Northwest Christian. The amount of Stafford Loans that a student is eligibile for is dependent upon the student's academic year in school.
| Year in School |
Subsidized Amount |
Unsubsidized Amount |
| Freshman (0-29 semester credits) |
$3500 |
$4000 |
| Sophomore (30-59 semester credits) |
$4500 |
$4000 |
| Junior/Senior (60+ semester credits) |
$5500 |
$5000 |
| Graduate Students |
$8500 |
$12,000 |
Dependent students are eligible for the subsidized amount and are only eligible for the unsubsidized Stafford loan if their parent applies for a Parent PLUS loan and is credit denied. Independent students are eligible for both the subsidized and unsubsidized amounts.
Federal Perkins Loan
Available up to $4000/year to students with exceptional need as determined by the FAFSA who are U.S. Citizens, are enrolled at least half-time (6 credits/term for undergraduates; 4 credits/term for graduates), and are not in default on any other student loans. Perkins loans have a fixed 5% interest rate, and payments do not begin until nine months after a student graduates, withdraws from school, or falls below half-time status. A Master Prommisory Note and Entrance Interview are required and will be completed with the Office of Financial Aid before your first semester at Northwest Christian.
PLUS Loan
Available to parents of dependent undergraduate students who are enrolled at least half-time. This loan is in the parents' name and a credit check is required each year that the loan is taken. PLUS loans have a fixed 8.5% interest rate and payments begin 60 days after the final disbursement. PLUS loans can be borrowed up to the difference between the cost of attendance and any other financial aid the student is receiving. For example, if the cost of attendance is $30,000 and the student is receiving $20,000 of other financial aid, a parent can borrow up to $10,000 as a PLUS loan.
PACE Gold Solution
Available for up to $15,000 per academic year to parents of dependent undergraduate students, who are new to Northwest Christian College starting in the 2007-2008 academic year and are enrolled at least half-time. This loan is a PLUS loan, but Northwest Christian College will subsidize the interest for up to four academic years so long as the student is enrolled all four years consecutively. | 
