PNCA : admissions : fa : bfa : loans

While a student is enrolled in school at least half-time, and for a six-month grace period after leaving school, no payments on the loan are due, and the federal government pays all accrued interest on the subsidized loans.

Students must maintain “in-school” status to continue receiving loans and the interest subsidy from the federal government. In school status requires a student to maintain a minimum of half-time enrollment or 6 credit-hours.

Federal Subsidized Stafford Loans have a fixed interest rate of 4.5% and are subject to a fee of up to .5% off the principal at the time of disbursement (standard 1% loan fee minus .5% fee rebate).

Federal Direct Unsubsidized Stafford Loans

Federal Unsubsidized Stafford Loans are available to students who do not demonstrate need to borrow their "base eligibility" under the Federal Stafford Loan Program.

In addition, students who are dependent (as determined by the FAFSA application) are eligible to borrow an additional amount of Federal Unsubsidized Stafford Loan up to $2,000 per year.

Students who are independent (as determined by the FAFSA application) are eligible to borrow an additional amount of Federal Unsubsidized Stafford Loan per year, based on their year in school:

Freshmen and sophomores may borrow up to $6,000
Juniors and seniors may borrow up to $7,000

While a student is enrolled in school at least half-time, and for a six month grace period after leaving school, no payments on the loan are due. Interest on the Unsubsidized Stafford Loan accrues while a student is attending school. Borrowers are encouraged to pay accruing interest on these loan funds during enrollment. Unpaid interest is capitalized prior to the loan’s entering repayment.

Federal Unsubsidized Stafford Loans have a fixed interest rate of 6.8% and are subject to a fee of up to .5% of the principal at the time of disbursement (standard 1% loan fee minus .5% fee rebate)

Federal Direct Parent PLUS Loan

Federal Parent PLUS Loan funds are available to the parents of dependent students to help meet the cost of attendance. Approval for the Parent Plus loan is contingent upon a credit check performed by the federal loan processor. A parent may borrow the PLUS Loan regardless of need up to the full cost of attendance minus any other financial aid. Parents may defer making payments on the PLUS Loan while the student is attending at least half-time (six credits).

Federal Parent PLUS Loans have a fixed interest rate of 7.9% and are subject to a fee of up to 2.5% of the principal at the time of disbursement (standard 4% loan fee minus 1.5% fee rebate).

Private Alternative Loans

Additional education loan funding is available from sources other than the federal government. These loans carry a higher interest rate, and are offered by many commercial lenders. Students must credit-qualify with the selected lender before receiving private loan funding. Many students will choose to apply with a credit-worthy consigner to increase the likelihood of approval. Further information on these loan programs is available from the Financial Aid Office.

Please feel free to contact PNCA’s Financial Aid office at any time by phone, fax, email, or in person if you have any questions or need assistance.
phone: 503.821.8971
toll free: 1.888.390.7499
fax: 503.821.8978

Office Hours: Monday through Friday 8:30am -5pm