Loan Programs
Financial Aid Loan OpportunitiesMany of our incoming students ask about student loan opportunities. On this page, you’ll find a variety of options for which you might be eligible. The Office of Financial Aid can help you every step of the way to find real resources to make your HCU education possible.
The facts about financing your education:
Few students can afford to pay for college without some form of education financing. Grants, scholarships, work-study, and other forms of gift aid may not cover the full cost of tuition, fees, and room and board. Many students find that they must supplement their savings with government and private loans.
What is a student loan?
A student loan is a form of financial aid that must be repaid (self-help aid), with interest (Scholarships and grants do not have to be repaid).
Your primary loan options include:
Federal Direct Loans
Parent Loan for Undergraduate Students (PLUS)
Private Alternative Loans
Federal Direct Loans - The student is the borrower of this loan. It is awarded by the financial aid office based on the results of the FAFSA. The loan can be subsidized or unsubsidized:
Subsidized Stafford loans are awarded based on financial need. Subsidized loans have their interest paid by the federal government while the student is in school. The interest rate for subsidized Stafford loans is 4.5%. Unsubsidized Stafford loans accrue interest from the time the loan is disbursed to the student’s account. The interest rate on unsubsidized loans is 6.8%. In both cases, payments can be deferred for as long as the student is enrolled at least half-time (6 credits as an undergraduate).
Important Note about Federal Direct Loans:
All first-time students at Heritage Christian University borrowing from the Federal Direct Loan Program must complete an online ENTRANCE Counseling Session and the Master Promissory Note (MPN). Current students who will be graduating, withdrawing, or dropping below half-time enrollment status must complete an online EXIT Counseling Session located under the Tools and Resource tab.
Parent Loan for Undergraduate Students (PLUS) - The parent of the dependent undergraduate student is the borrower of this loan. The loan can be made available after the student has completed the FAFSA and has been awarded other forms of financial aid. The parent may borrow up to the cost of education, minus other forms of aid, for each academic year. Interest accrues from the time the loan is disbursed, but parents may elect to have their payments deferred while their student is in school. The interest rate for PLUS loans is 7.9%. To apply for the Parent Plus loan please go to: www.studentloans.gov.
Private or Alternative loans - Because alternative loans are funded and administered by private lenders, each has its own unique terms and conditions. HCU recommends that students only use alternative loans as a last resort in funding your education.
•You should exhaust all of your scholarship and grant options before looking towards any loan program.
•If you still need to borrow money to pay for college, try to obtain federal student loans first, requesting alternative loans only if you need additional funding.
Changing Loan Amounts
You are encouraged to only borrow needed funds. If the loan approval is more than you desire, you may reduce the amount by calling the Financial Aid Office at 256-766-6610, emailing the Financial Aid Office at .(JavaScript must be enabled to view this email address), or come by the office.
What is the Heritage Christian University Payment Plan?
If necessary, you may choose the Heritage Christian University payment plan. This plan allows you to spread payments over 4 months with no interest. For information on the payment plan, please contact the Office of Financial Aid at (800) 367-3565, ext. 303.
More Questions?
Contact the Office of Financial Aid:
(800) 367-3565, ext 303 - toll free
(256) 766-6610 - direct
(256) 766-9289 - fax
Or, via email address at: .(JavaScript must be enabled to view this email address)
