A college degree can be an important investment. Many students acquire loans to 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.
There are two types of Direct Stafford Loans:
- Subsidized Direct Stafford Loans are need-based. Qualifying for a subsidized loan is based on need as determined by the FAFSA. If you qualify, the government will pay the interest on your loan while you are enrolled 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.
First time students who want to borrow a Direct Stafford Loan must first complete the FAFSA, the Direct Loan, Entrance Counseling, and an MPN (Master Promissory Note). Loans cannot be added to student accounts until these requirements have been completed. To apply for loans, go to www.studentloans.gov.
Repayment on the loan may be deferred until after the student leaves school or drops below half time. Parents may apply at www.studentloans.gov 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.
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 $8,000 per year for the first and second year of college, and $10,000 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 20% of the loan amount due for one full year of preaching. Thus, if the student preaches the equivalent of five 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:
Then, send your completed application to:
Attn: Dr. David McClister, Wilbur C. King Loan Fund
119 N. Glen Arven Ave.
Temple Terrace, FL 33617
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 www.mappingyourfuture.org and choosing “Perkins Exit Counseling.”