Loan Options not Based on Need

Several sources of long-term loan funds are available that are based on credit worthiness rather than need.

Federal Parent Loan for Undergraduate Students (PLUS)

Parents may borrow up to the cost of education (at Elon $44,599 for tuition, fees, room and board and $3,500 for books and miscellaneous expenses for 2016-17) less any other aid per academic year for each dependent enrolled at least half-time. Repayment is not deferred during the student’s period of enrollment.

Federal Stafford Student Loans (unsubsidized)

This is available to all students regardless of need. Loan amounts are the same as for the need-based subsidized program. However, under this program, borrowers do not qualify for federal interest subsidy payments, thus interest accrues while the student is in school. Repayment of principal begins six months after the student is no longer enrolled half-time. Separate application is required. Note: Students must file an application for need-based financial aid to be considered for one of these loans. A determination must first be made that the student is not eligible for a need-based subsidized loan. (See “How to Apply for Need-Based Financial Aid.”)