Employment

• Federal Work-Study
• State Work-Study
• Institutional Work-Study
  • For information on student employment: link to Human Resources "Student Employment" site http://www.hsc.edu/hr/studentemploy/

Loans

• Federal Stafford Loan
  • Federal Family Education Loan (FFEL) Program
  • William D. Ford Federal Direct Loan Program
• Federal PLUS Loan
• Federal Perkins Loan
• Institutional Loan
• Private Loans

• Eligible students
  • Undergraduate or graduate students
  • Priority to exceptional need
• Maximum annual loan
  • $4,000 undergraduate students
  • $6,000 graduate/professional degree students
• Interest rate: 5%
• Nine-month grace period
• Repayment period may be up to 10 years
  • Minimum monthly payment: $40
• Deferment and cancellation provisions
• School contact (after enrollment): Shirley Robertson, 1-434-223-6308, srobertson@hsc.edu
• Servicer during repayment: ACS Education Services (formerly AFSA Data Corp.), 1-800-826-4470, www.acs-education.com
• Students who are borrowing Federal Perkins Loan for the first-time are required to complete entrance counseling. This requirement can be accomplished at the following website: http://mappingyourfuture.org/pe/.

Only follow this link if you received an award letter with instructions directing you to apply for this loan.

• Students who are borrowing Federal Stafford Student Loan for the first-time are required to complete entrance counseling.
• Subsidized Stafford – Must demonstrate "need"
  • Fixed rate of interest, July 1, 2006 through June 30, 2008 - 6.80%
  • Fixed rate of interest July 1, 2008 through June 30, 2009 - 6.00%
  • Fixed rate of interest July 1, 2009 through June 30, 2010 - 5.60%
  • Fixed rate of interest July 1, 2010 through June 30, 2011 - 4.50%
  • Fixed rate of interest July 1, 2011 through June 30, 2012 - 3.40%
  • Fixed rate of interest will revert back to 6.8% on or after July 1, 2012
• Unsubsidized Stafford – Need is not a consideration
  • Fixed rate of interest of 6.8% beginning 7/1/2006
• Base annual limits effective 5/8/2008 (combined subsidized and unsubsidized)
  • $5,500 for 1st year undergraduates
  • $6,500 for 2nd year undergraduates
  • $7,500 for each remaining undergraduate year
  • $10,500 for each year of graduate/professional study
• Six-month grace period
• Deferment and cancellations provisions available

Additional Eligibility for Unsubsidized Federal Stafford for:

• independent undergraduates,
• graduate students,
• and dependent students whose parents are unable to borrow under the PLUS Program:
  • $4,000 per year for first & second years of undergraduate study
  • $5,000 per year for remaining years of undergraduate study
  • $10,000 per year for graduate/professional

Costs of Borrowing Federal Loans

• Loan fees based on the principal amount of each Federal Stafford (Subsidized and Unsubsidized) and Federal PLUS loan:
  • FFEL Program: 1% insurance premium and up to 3% origination fee
  • Direct Loan Program: Up to 4% loan fee

Only follow this link if you received an award letter with instructions directing you to apply for this loan.

• Borrowers are parents of dependent undergraduate students
  • Approval is based on credit-worthiness
• Annual loan limit: cost of attendance minus other aid
• Repayment begins 60 days after loan is fully disbursed
• Fixed rate of interest, or 8.5%, beginning 7/1/2006

• FFEL Program: 1% insurance premium and up to 3% origination fee
• Direct Loan Program: Up to 4% loan fee

• Booker-Stebbins Loan
  • Awarded up to $4000, certain restrictions apply
  • 5% interest rate
  • Interest deferred during in-school period
  • 5 year repayment
  • $100 per month minimum
  • Repayment begins 3 months following graduation/separation
  • Exit counseling required for graduates and transfers
  • School contact (after enrollment): Shirley Robertson, 1-434-223-6308, srobertson@hsc.edu
    • Servicer during repayment: Campus Partners
      (formerly AMS Servicing Group)
    • 1-800-334-8609, www.mycampusloan.com