Student loans are funds that must be repaid. Because of this, we recommend students research and apply for as many grants and scholarships as they can before considering student loans. We also caution students to borrow only the amount needed.
Types of Loans that Sweet Briar Offers
Federal Direct Subsidized and Unsubsidized Loans
Student loans are provided through the federal government. Depending on eligibility from your FAFSA results, students will be provided with a breakdown of subsidized (need-based) and unsubsidized (non-need-based) loans. First-year students are eligible for up to $5,500 in Federal Direct Loans; sophomores, $6,500; and juniors and seniors, $7,500 annually. Interest rates are set each year. For the 2016-2017 academic year, the interest rate was 3.76 percent.
Federal Perkins Loans
The Federal Perkins Loan is a joint effort between the U.S. Department of Education and Sweet Briar College for need-based assistance. There is a fixed, 5-percent interest rate.
Federal Parent Loan for Undergraduate Students (PLUS)
PLUS loans are credit-based loans that parents can apply for to help cover the remaining costs for college after financial aid has been applied.
Steps to applying for the PLUS loan:
- Each school year, the parent must complete the “Federal Direct Loan Request Form — PLUS Loan — Parents,” which is found on the forms tab.
- The first time a PLUS loan is borrowed, the parent also needs to sign a Master Promissory Note at studentloans.gov. For steps to signing the Master Promissory Note, please click here.
Sweet Briar College Student Loan
SBC Student Loans are institutionally funded and awarded at the discretion of the financial aid office.
Sweet Briar also works with FastChoice to provide alternative/private student loans to students. Alternative/private student loans are credit based and approved at the discretion of the financial institution through which you apply. To begin the application process with FastChoice, please click here.
Families may use a monthly installment plan to pay their daughter’s tuition, room and board. The College uses the following company to offer this payment plan:
- Tuition Management Systems — 800-356-8329