Welcome to Loan Information at Elizabethtown!
As families plan the details of financing a college education, loans often become part of the payment strategy. A loan, like a grant or scholarship, is considered a form of financial aid and is offered to a student as part of his or her financial aid package. Many students, past and present, have chosen to invest in themselves through student loans and are benefiting from this investment today! For example, the latest U.S. Census Bureau statistics indicate that a college graduate will earn over $600,000 more in their lifetime than a high school graduate. Below are the types of loans that are explained in more detail on the various pages of our Loan Information section:
|
Type of Loan |
Borrower |
Interest Rate |
Principal Deferment |
Interest Deferment |
| Federal Perkins Loan |
Student |
5% |
Yes |
Yes |
| Federal Stafford Loan | Student |
Fees of up to 2%. Fixed rate of 6.80% |
Yes |
Sub - YES |
| Federal PLUS Loan | Parent | Fees of up to 4%. Fixed interest rate of 8.50% |
Lender MAY give option to defer principal |
No |
Each of these loans is explained in greater detail on the respective Student Loans and Parent Loans pages. Please explore these pages to learn more about the specific advantages to each loan program.
The Financial Aid Office strongly encourages you to borrow Federal student loans first and then consider the AMS Payment Plan and/or the PLUS Loan before applying for a private educational loan. You may compare benefits of the PLUS and the private educational loan at http://www.aessuccess.org/find_aid_for_school/alternative_loans/index.shtml
SUGGESTED LENDERS FOR THOSE FAMILIES WHO WISH TO HAVE SOME GUIDANCE FROM THE FINANCIAL AID OFFICE
There are dozens of student lenders offering hundreds of different products, features, benefits and incentives. Many student and parent borrowers do not have the time or resources to research all the available options. For those families, we are providing a list of suggested lenders on the Student Loans and Parent Loans pages.
Elizabethtown College has submitted an RFI (Request for Information) to multiple lenders. After a committee reviewed the responses, a list of “suggested” lenders was developed. Lenders were judged on numerous factors including Competitive Rates and Borrower Incentives, Service History with Elizabethtown College, Customer Service, Ease of Process and Company Reputation. The list of lenders will be reviewed on an annual basis. Please know that you are not obligated to select a lender from our list. The college will process all loans in a timely manner regardless of whether the lender is on the college’s list of suggested lenders. However, we do encourage borrowers to research each lender’s benefits and options; i.e., fees, interest rates, incentives and deferral of payments while in school, to determine which one best meets their needs.
Be assured that no employee of Elizabethtown College received compensation from any lender agency, whether or not the lender appears on our recommended list.
We suggest that you consider Federal Stafford and Parent Loans for Undergraduates (PLUS) before alternative loans, as the federal programs have lower interest rates.
Contact our office:
Financial Aid Office
Elizabethtown College
One Alpha Drive (Zug 208)
Elizabethtown, PA 17022
(phone) 717-361-1404
(fax) 717-361-1514
