Federal Direct Parent Loan for Undergraduate Students (PLUS) This program allows a parent with a good credit history to borrow to pay the cost of education for a dependent undergraduate student enrolled at least half-time (six undergraduate credit hours). The yearly limit is equal to the student’s cost of attendance minus any other financial assistance expected or received. The interest rate is 6.41 percent. There is no grace period for this loan. Interest begins to accumulate at the time the first disbursement is made. Repayment of both principal and interest generally begins within 60 days after the loan has been fully disbursed. Parents are eligible to apply for loan deferment. Federal Perkins Loan A low-interest loan for degree-seeking students with exceptional financial need. This program is federally funded and administered by the University. Priority is given to early applicants with at least a 2.5 cumulative grade point average. Repayment begins nine months after graduation or when enrollment ceases to be at least half-time.
Work Programs Federal Work Study This federally-funded, need-based employment program is administered by the University and available to students who are enrolled at least part-time. Students are employed on campus for approximately 20 hours each week and are paid bi-weekly (minimum wage or higher). Placement is based on job skills and availability. Regular Student Employment This program offers on-campus jobs to students who do not qualify for Federal Work Study. Students are usually paid bi-weekly (minimum wage or higher). The availability of jobs depends on student skills and the needs and funding considerations of campus departments. http://www.memphis.edu/scholarships/ http://www.memphis.edu/financialaid/
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