Loan & College Work Study Programs

Subsidized Stafford Loans

Stafford loans are the Department of Education's major form of self-help aid. Award amounts are determined on the basis of the student's demonstrated need and federal regulations. The federal government pays the student's interest charges while the student is enrolled at least half time as well as during the six-month grace period following enrollment. Repayment and interest begin six months after the borrower ceases to be at least a half-time student and generally extends over a 10-year period. The interest rate for new borrowers is fixed at 6.8%.

Unsubsidized Stafford Loans

The unsubsidized Stafford loan is awarded to students regardless of need. This program requires that the student borrower repay with interest this source of aid. The in-school interest is not paid by the federal government and begins to accrue after disbursement of the loan funds. The student may choose to have the payment of the interest deferred during enrollment and later capitalized (added to the principal) at the time repayment begins. Independent students may borrow additional funds from the unsubsidized Stafford loan program based on the chart below. Dependent students are only eligible to borrow an unsubsidized Stafford loan if they are not eligible for subsidized loans, or their parents have been formally denied a Parent PLUS loan by an eligible lender during the current academic year.

Annual Federal Stafford Loan Eligibility

Federal Subsidized and Unsubsidized Loan Chart
	Annual Loan Limits
Dependent Undergraduate (1) (are you a dependent student? see our note below)	Subsidized	Total (2) (Subsidized & Unsubsidized)
First Year	$3,500	$3,500
Second Year	$4,500	$4,500
Third Year and Beyond	$5,500	$5,500
Independent Undergraduate (1) (and dependents whose parents are unable to borrow under the PLUS program)	Subsidized	Total (Subsidized & Unsubsidized)
First Year	$3,500	$7,500
Second Year	$4,500	$8,500
Third Year and Beyond	$5,500	$10,500
Graduate/Professional Students	Subsidized	Total (Subsidized & Unsubsidized)
For Each Academic Year	$8,500	$20,500
	Aggregate Loan Limits
Dependent Undergraduate	$23,000	$23,000
Independent Undergraduate (and dependents whose parents are unable to borrow under the PLUS program)	$23,000	$46,000
Graduate/Professional Students (graduate debt limit includes Stafford loans received for undergraduate study)	$65,500	$138,500

Parent PLUS Loan Program

The Federal PLUS loan program provides a borrowing option for parents of dependent undergraduate students. Based upon a parent's creditworthiness, a parent may borrow from this federal guaranteed, non need-based loan program. A parent may borrow up to the full cost of education minus student aid. The PLUS loan has a Fixed interest rate at 8.5%. Repayment on both principal and interest begins within 60 days of disbursement of the funds. If the only financial assistance you require is a Parent PLUS loan, it is not necessary to complete the FAFSA. Contact the Financial Aid Office for the necessary paperwork.

Federal Perkins Loans

Federal Perkins loans are funds received by the College to award to students. Award amounts are determined on the basis of the student's demonstrated need, available funds, and federal regulations. No interest is charged while the borrower is enrolled for least half-time study. Repayment in installments with interest at the rate of 5% begins nine months after the borrower ceases to be at least a half-time student and extends over a maximum period of ten years. A percentage of the Federal Perkins loan may be forgiven if a student chooses to work in specific careers for minimum time periods.

Federal Work-Study Program

Students awarded work-study as part of their financial aid package work an average of 10-15 hours per week. Work-study jobs consist of both on-campus positions and off-campus community service positions. The amount of work-study assistance reflects both the degree of financial need and a reasonable projection of the amount it is possible to earn during the academic year.

Champlain College allows you to choose your job based on your interest. In August you will receive a work-study packet that describes the job selection process. A listing of all jobs available at that time will be included in the packet. When you arrive for registration you should set up a time to meet with potential work-study employers to interview for a position.

If you have been offered College work-study, you should know:

Work-study students are paid bi-weekly.
You may chose to work at an eligible job on-campus/off-campus and keep the money you earn for your own personal expenses.
If needed to cover your bill, you may choose to make an arrangement with the Student Accounts Office for Deferred Work-Study. With this arrangement, the wages you earn will be turned over to the Student Accounts Office to apply towards the balance due on your bill. Please contact the Student Accounts Office directly.