Admissions, Costs, and Financial Aid Jamestown College Work Program A limited number of part-time positions are available to students who do not qualify for the Federal Work Study program.
Loan Programs
Loans allow students and parents to borrow money to meet educational costs at relatively low interest rates. In most cases,repayment is delayed until graduation or an enrollment status of less than six credits. Additional information regarding all loans below is available in the Financial Aid Office and on the college website. Federal Direct Loans Federal Direct Loans are available to all students who have completed the FAFSA and are otherwise eligible. Direct Loans are characterized as subsidized or unsubsidized based on the FAFSA in combination with other financial aid awarded to the student. The federal government pays the interest on a Subsidized Direct Loan during the student’s enrollment whereas the student is responsible for paying interest on an Unsubsidized Direct Loan. At the borrower’s choice, the interest on an Unsubsidized Direct Loan can either be paid during enrollment or can be capitalized. A borrower must complete Direct Loan entrance counseling prior to the disbursement of any loan proceeds. Entrance counseling may be completed on-line. Effective July 1, 2008, the maximum annual loan amounts for dependent students have been increased to the following: Freshmen
Sophomore
$5,500 (maximum of $3,500 subsidized) $6,500 (maximum of $4,500 subsidized)
Junior and Senior $7,500 (maximum of $5,500 subsidized)
Repayment begins six months after the borrower is no longer enrolled at least half time. The annual interest rate is capped at 8.25 percent. The 2011-2012 interest rate is 6.80%. Federal Perkins Loan The primary factors in determining eligibility for the Perkins Loan are financial need as reflected by FAFSA results and availability of funds. The maximum per borrower is $5,500 per year. A borrower must complete Perkins Loan entrance counseling prior to the disbursement of any loan proceeds. Entrance counseling may be completed on-line. Repayment and accrual of interest on new loans begin nine months after borrowers are no longer enrolled at least half-time. The annual interest rate is currently fixed at five percent. Minimum monthly payments are $40. The maximum repayment period is ten years. Cancellation and deferment provisions are available for certain types of employment, service, and other circumstances. Details are available in the Financial Aid Office and/or from the Jamestown College Loan Coordinator. Federal Parent Loans for Undergraduate Students (PLUS) Parents of dependent students may borrow funds through the PLUS program. Eligibility requirements include U.S. citizenship and an approved credit rating. Repayment generally begins sixty days after the second disbursement. Alternative Loans Jamestown College will certify any alternative education loan that a student requests (up to the student’s cost of attendance). 21