Loan Programs
Eligibility for federal loan programs is determined by evaluation of the student’s income and assets as declared on the Free
Application for Federal Student Aid. Need based awards are subject to the federally defined data verification process which
requires some students to submit a tax return and other supporting documentation.
Federal Stafford Student Loan Program
The Federal Stafford Student Loan Program is a federally supported program offering loans with a fixed interest rate through participating lenders. The two types of Federal Stafford Student Loans are subsidized (fixed interest rate of 6%) and unsubsidized (fixed interest rate of 6.8%). For more information on Federal Stafford Loans see page 21 of the “Financing Your Springfield College Education” brochure located
here (.pdf).
Federal Perkins Loan
(formerly the National Direct Student Loan)
Eligibility for this need based program is subject to federal regulations. Funds are extremely limited. These awards
are made to high need students who complete the financial aid application process. Repayment begins nine months
after half time enrollment ceases. The interest rate is 5%.
Other Loan Programs
The College participates in a wide array of supplemental loan programs with outside leaders. Information on these
programs is available from the Office of Financial Aid.
