Source: In addition to the College's need-based scholarships and grants, we are also able to offer a Beloit College Loan which is funded through gifts from individuals and foundations.
Eligibility: To receive consideration for a Beloit College Loan, a student must file a FAFSA, a Beloit College Financial Aid Application, and other supporting documents, as requested. All Beloit College loans are based upon financial need.
How to Apply: The Financial Aid Office will evaluate the student's demonstrated need during the financial aid process and include the loan in the student's financial aid package, if eligible. The student must return the signed, accepted financial aid award to the Financial Aid Office. The Accounting Office will prepare the the Beloit College Loan Agreement after the student arrives on campus and notify the student when it is ready to be signed. The College credits the funds to the student's account upon signatire of the loan agreement.
Other Information: All Beloit College Loans are based upon demonstrated financial need. The interest rate is 9% during repayment. Interest does not begin to accrue until nine months after: 1) the student graduates, 2) the student drops below half-time status, or 3) the student withdraws from school. A student who transfers from Beloit College or goes on to graduate school may file for a deferment. Repayment is on a quarterly basis and, based upon the total amount borrowed, a student may take up to ten years to repay the loan.