Loans

There are basically two types of loans: federal loans and alternative (or private) loans. Federal Loans Federal student loans are the largest source of education loans and usually have more favorable terms than alternative loans. It is best to get all the federal loans you can before looking into alternative loans.

Planning to Preach? There is a special loan just for young men who come to Florida College for the purpose of preparing themselves to better preach the good news of Jesus Christ. It has a fixed interest rate of 4% and can be automatically forgiven if you preach full-time for three years sometime after graduation.

Federal Stafford Loan

Federal Stafford loans are the most common source of college loan funds with a fixed interest rate of 6.8%.

There are two types of Stafford loans:

• Subsidized Stafford loans are need-based. If your financial need is great enough and you qualify for this special type of Stafford loan the government will pay the interest on your loan while you are in school, during a six-month grace period immediately preceding repayment, and during authorized deferment.
• Unsubsidized Stafford loans are not need-based. You are responsible for all of the interest, even while you are in school. Any student who meets the eligibility requirements below can apply.

Federal Perkins Loan

A federal Perkins loan has a fixed interest rate of 5% and is for students with exceptional financial needs.

Federal Parent PLUS Loan

A federal Parent PLUS loan allows parents to borrow money up to the cost of attendance at a fixed interest rate of 8.5%. Parent PLUS loans are designed to cover the remaining balance after other financial aid has been applied.

Alternative Loans

Alternative loans provide additional funding after you have maximized your federal loan eligibility and are best used as a last resort. You can get them from your school or from private financial institutions.

For Preaching: The King Loan

The King loan is a special loan with special benefits just for young men who come to Florida College for the purpose of preparing themselves to better preach the good news of Jesus Christ. It has a fixed interest rate of 4% and can be automatically forgiven if you preach for three years after graduation.

Complete These Steps
Step 1: Complete our Entrance Interview If you are a first time borrower at Florida College and have not completed our Entrance Interview Counseling, please click here to do so. Step 2: Select your lender Select your lender and click on apply online to complete your Master Promissory Note (MPN)