There is no better investment than a college degree. Loans can be a means to help many students achieve their dreams of becoming college graduates. Our financial office staff is available to help you understand all of your loan options.

There are basically two types of loans: federal loans and alternative (or private) loans.  Federal 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.

Federal Direct Stafford Loans are the most common source of college loan funds with a current fixed interest rate of 4.29%.

There are two types of Direct Stafford Loans:

  • Subsidized Direct Stafford Loans are need-based. Qualifying for this special type of loan is based on your level of need as determined by the FAFSA. If you qualify, the government will pay the interest on your loan while you are in school at least half-time.
  • Unsubsidized Direct Stafford Loans are not need-based. Interest will accrue while the student is in school and you are responsible for paying all of the interest.

Please note that repayment on both Subsidized and Unsubsidized Direct Stafford Loans is not required until 6 months after a student graduates, drops below half-time, or withdraws from school. There are limits set forth by the federal government as to the amount that can be borrowed each year.

In general, a dependent freshman qualifies for $5500 per year, a dependent sophomore qualifies for $6500 per year, and dependent juniors and seniors qualify for $7500 per year. Independent students qualify for more than dependent students. A student’s dependency is determined by your response to certain questions on the FAFSA, not whether you pay your own bills, live on your own, or file independently on your taxes, etc.

Want a Student Loan?

First time students who want to borrow a Direct Stafford Loan must first complete the FAFSA. Next, complete Entrance Counseling and an MPN (Master Promissory Note) on  Loans cannot be added to student accounts until these requirements have been completed.

A Federal Perkins Loan has a fixed interest rate of 5% and is for students with exceptional financial need. Florida College currently has a limited amount of these funds.
A federal Parent PLUS Loan allows parents to borrow money up to the cost of attendance at a current fixed interest rate of 6.89%. Parent PLUS Loans are designed to cover the remaining balance after other financial aid has been applied. Parent PLUS Loans are contingent upon one of the student’s parents completing and passing a credit check.

Repayment on the loan may be deferred until after the student leaves school or drops below half time. Parents may apply at and need to complete the application and their Master Promissory Note (MPN).

Please note that when logging onto the website, the parent should use the parent’s information and not the student’s.

Alternative loans provide additional funding after you have maximized your federal loan eligibility and are best used as a last resort. Often, students are required to have a co-signer for these loans. Learn more about alternative loans and compare options from private banks.
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 preach the good news of Jesus Christ. It has a fixed interest rate of 4% and may be forgiven if you preach full-time for five years after graduation.

The late Wilbur C. King wore the title “public servant” in an unusual manner. He was active in Florida Public Utilities Commission until his untimely death in an automobile accident on July 17, 1964. Mr. King’s deep religious convictions led him to other public services in a unique sense. He and his wife were active and devoted members of the church of Christ. Propagation of the gospel was of prime concern to them.

Through his will, Mr. King established the Wilbur C. King Family Educational Trust Fund. This fund provides loans to assist qualified young men to attend Florida College for preparation to preach the gospel of Christ. This fund is administered through trustees as designated by Mr. King’s will.

Presently King Loans are not to exceed $4,000 per year for the second year of college, and $5,000 during the third and fourth. Interest is at 4% per annum on any unpaid balance and is assessed on August 1 of each year for the entire year. Unless a recipient is in a forgiveness period, payments are expected monthly. Payments are to be 1% of the balance or $25—whichever is the greater. Earlier repayments are encouraged.

Students who are enrolled at least half-time can defer repayments until they are out of school. Additionally, for the present time the Trustees are offering a forgiveness policy under certain conditions. Students who have received the loan in the school year 2003–2004 or thereafter will be eligible for the forgiveness program. Recipients who preach on a full-time equivalency will be forgiven one third of the loan amount due for one full year of preaching. Thus, if the student preaches the equivalent of three years, the entire amount of the loan is forgiven. Students who are in this process will have interest and repayments waived. It is the responsibility of the recipient to notify the King Loan Trustees if they expect to benefit from the forgiveness policy. This notification must be in writing. A form is available upon request. In the absence of proper notification, interest will be assessed August 1 of each year—once assessed, interest will not be waived.

To apply for a King Loan, print and fill out the W. C. King Loan Application:

W. C. King Loan Application

Then, send your completed application to:

Florida College
Attn: Dr. Dan Petty, Wilbur C. King Loan Fund
119 N. Glen Arven Ave.
Temple Terrace, FL 33617

Students who have taken out a Direct Stafford Subsidized or Unsubsidized Loan during their time here at Florida College must complete Exit Counseling on  when they graduate, withdraw, or transfer to another school.

Students who have had a Perkins Loan while here at Florida College must also complete Exit Counseling when they graduate, withdraw, or transfer to another school. This can be completed by visiting  and choosing “Perkins Exit Counseling.”

You can view your federal Direct Loan information at You will find a list of the loans you’ve had as well as the contact information for your loan servicer. When you repay a Federal Direct Loan, you will repay your servicer, not the school. You will need to contact your servicer if you have questions about repayment of your loans.