Loans
While initial award offers do not include loans, low-interest, long-term loans may be obtained from Berea College when needed to pay for essential school expenses. Student Financial Aid Services will counsel students inquiring about a loan to ensure other options have been considered. Most loans do not accrue interest while the student is still enrolled at least halftime. Loans typically enter repayment six months after a student graduates or leaves the College. Loans must be repaid within an agreed-upon schedule. Non-interest-bearing (or 0%) loans may be available for students with significant financial need.
Berea College participates in the William D. Ford Direct Loan Program. These federal loans have fixed interest rates set by the Department of Education each year. For more information about these types of loans, see https://studentaid.gov or contact Student Financial Aid Services at 859-985-3310.