Loans & Payment Options
Loans and Payment Options
Student Loans are funds that have to be repaid, because of this we recommend students research and apply for as many grants and scholarships that they can before considering student loans. We also caution students to only borrow the amount that you need.
Types of Loans that Sweet Briar Offers:
Federal Perkins Loans (https://studentaid.ed.gov/types/loans/perkins) The Federal Perkins Loan is a joint effort between the Department of Education and Sweet Briar College for need-based assistance. There is a fixed 5% interest rate.
Federal Direct Subsidized and Unsubsidized Loans (https://studentaid.ed.gov/types/loans) Student loans provided through the Federal Government. Depending on eligibility from your FAFSA results student will have a break down of subsidized (need based) and unsubsidized (non-need based) loans. First year students are eligible up to $5500 in Federal Direct Loans, sophomores $6,500 and junior and seniors $7,500 annually. Interest rates are set every year, for the 14-15 academic year the interest rate is 4.68%
Federal Parent Loan for Undergraduate Students (PLUS) (https://studentaid.ed.gov/types/loans) 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.
Sweet Briar College Student Loan: SBC Student Loans are institutional funded student loans and are awarded by 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 at approved by the discretion of the financial institution that you apply through. To begin the application process with FastChoice, please click here. (https://choice.fastproducts.org/FastChoice/home/374200/1)
Families may use a monthly installment plan to pay their daughter’s tuition, room and board. The College uses the following two companies that offer payment plans:
• Tuition Management Systems — (800) 356-8329
• TuitionPay — (800) 635-0120