Student and Parent Loans

What are student and parent loans?

Undergraduate students and their parents wishing to help finance the student's educational costs may seek out loans. A loan is money that is borrowed and must be repaid with interest.

The student must first complete a Free Application for Federal Student Aid (FAFSA®). It is required for federal student and parent loans.
Students and parents must obtain your Federal Student Aid (FSA) ID in order to complete the FAFSA and access your Student Aid Dashboard.

Click on the loan type below to review additional information about the loan options and the steps required to receive the loan.

Student Loans:

Parent Loan:

William D. Ford Federal Direct PLUS Loan Program for Parents

Payment Plans: Linfield University has contracted with Nelnet Campus Commerce to offer semester payment plan options. Payment plans can be setup online through Nelnet Student Account Portal. For additional information on the payment plan offered by Linfield through Nelnet, please visit Tustin Payment Plans or contact the Student Accounts office.

Direct Loan Interest Rate Update

On August 9, 2013 President Obama signed a bill into law that changes the interest rates for Federal Direct Loans, Stafford and PLUS. The interest rates will be based on the 10-year Treasury bill plus the following percentage add-ons:

2.05% for undergraduate Stafford (subsidized and unsubsidized. Cap: 8.25%
4.6% for PLUS (parents and graduate students). Cap: 10.5%

Loans would be “variable-fixed.” This means students would receive a new rate with each new loan; then that rate would be fixed for the life of the loan. Students and parents do not have to re-complete their Master Promissory Notes (MPN). This will be tracked during the loan process by the federal servicer.

Cohort Default Rate

As part of Linfield's commitment to providing excellent service to veteran and military students utilizing Tuition Assistance and VA Educational Benefits, we provide all current and prospective students access to the institution's student loan Cohort Default Rate (CDR). The US Department of Education determines cohort default rates based on the percentage of a school's borrowers who enter repayment on Direct Loans during a federal fiscal year and default before the end of the second following fiscal year. This data is used to compare Linfield, and other institutions, against the national average.

Linfield University's FY2021 Cohort Default Rate is 0.0%. The national average CDR is 2.3% for FY2021.

Student and Parent Loan Tables

Federal Student and Parent Loans

Type of Aid	Fees	Interest Rate	Payment While in School	Requirements	Additional Information	Amounts Yearly
Federal Direct Subsidized Stafford Loan	1.057% between 10/1/20- 10/1/25	Variable Fixed 6.533% between 7/1/24- 6/30/25 5.50% between 7/1/23- 6/30/24	No payment required while enrolled at least half-time.	MUST file a FAFSA. Must complete Entrance Counseling. Must complete a Master Promissory Note. Requires at least half-time enrollment. Loan is in student's name.	6-month grace period after student graduates or ceases to be enrolled at least half-time. 10-year repayment under most plans.	Freshman: $3,500 Sophomore: $4,500 Junior: $5,500 Senior: $5,500
Federal Direct Unsubsidized Stafford Loan	1.057% between 10/1/20- 10/1/25	Variable Fixed 6.533% between 7/1/24- 6/30/25 5.50% between 7/1/23- 6/30/24 Interest accrues while student is in school, student may pay or capitalize interest.	No payment required while enrolled at least half-time. Optional quarterly interest payments can be made, or student may capitalize interest.	MUST file a FAFSA. Must complete Entrance Counseling. Must complete a Master Promissory Note. Requires at least half-time enrollment. Loan is in student's name.	6-month grace period after student graduates or ceases to be enrolled at least half-time. 10 year repayment under most plans.	Freshman: $3,500 Sophomore: $4,500 Junior: $5,500 Senior: $5,500
Federal Direct Additional Unsubsidized Stafford Loan	1.057% between 10/1/20- 10/1/25	Variable Fixed 6.533% between 7/1/24- 6/30/25 5.50% between 7/1/23- 6/30/24 Interest accrues while student is in school, student may pay or capitalize interest.	No payment required while enrolled at least half-time. Optional quarterly interest payments can be made, or student may capitalize interest.	MUST file a FAFSA. Must complete Entrance Counseling. Must complete a Master Promissory Note. Requires at least half-time enrollment. Loan is in student's name.	6-month grace period after student graduates or ceases to be enrolled at least half-time. 10 year repayment under most plans. Loan available only to students whose parents are denied the PLUS loan and independent students as determined by the FAFSA.	Freshman: $4,000 Sophomore: $4,000 Junior: $5,000 Senior: $5,000
Federal Direct Supplemental Unsubsidized Stafford Loan	1.057% between 10/1/20- 10/1/25	Variable Fixed 6.533% between 7/1/24- 6/30/25 5.50% between 7/1/23- 6/30/24 Interest accrues while student is in school, student may pay or capitalize interest.	No payment required while enrolled at least half-time. Optional quarterly interest payments can be made, or student may capitalize interest.	MUST file a FAFSA. Must complete Entrance Counseling. Must complete a Master Promissory Note. Requires at least half-time enrollment. Loan is in student's name.	6-month grace period after student graduates or ceases to be enrolled at least half-time. 10 year repayment under most plans.	Freshman: $2,000 Sophomore: $2,000 Junior: $2,000 Senior: $2,000
Federal Direct PLUS Loan (for parents)	4.228% between 10/1/20-10/1/25	Variable Fixed 9.083% between 7/1/24- 6/30/25 8.05% between 7/1/23- 6/30/24	Payment begins 45-60 days after the final disbursement for the academic year.	MUST file a FAFSA. Must submit Parent PLUS Loan Request Form to Linfield Office of Financial Aid. Credit check required. Must complete a Master Promissory Note.	Deferment available while student is enrolled at least half-time. Interest accrues during authorized deferment periods.	Cost minus aid.

Private Education Loans

TYPE OF AID	FEE	INTEREST RATE	PAYMENT WHILE IN SCHOOL	REQUIREMENTS	ADDITIONAL INFORMATION	AMOUNTS YEARLY
School certified private (or alternative) education student loans	Zero to 9%, based on credit worthiness of co-signer (most borrowers do not fall into the top credit tier).	Prime plus 1% (prime is currently 4%) to prime plus 7.5% based on credit worthiness of co-signer (most borrowers do not fall into the top credit tier).	No payment is required if student is enrolled at least half-time, but interest accrues.	No FAFSA required.	6-month grace period after student graduates or ceases to be enrolled at least half-time. 13 to 20 year repayment period depending on loan.	Cost minus aid.

Emergency Short Term Loan Program

The short-term loan program is available to regularly enrolled students to assist with educational expenses during the year they borrow the funds. These loan funds require repayment before the start of the next academic year, or, for graduating seniors, before graduation.

Linfield employees are excluded from borrowing these loans, unless they are enrolled in courses and are eligible. These funds are managed and awarded jointly by the offices of Financial Aid and Accounting.

Questions?

Office hours:
Monday - Friday
8 a.m. - 5 p.m. (Pacific Time)

The Office of Financial Aid

Melrose Hall, Suite 030
503-883-2225
finaid@linfield.edu