Beloit College Loan
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 the FAFSA. All Beloit College loans are based upon financial need, and are only available after all other loan options have been exhausted.
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. If the student wishes to accept the Beloit College Loan, he or she must complete the master promissory note and counseling process with our servicer, University Accounting Service (UAS). Go to http://www.signmyloan.com/ and click on Review and Sign Your Loan. This process will take place during the summer prior to the start of classes.
Other Information: All Beloit College Loans are based upon demonstrated financial need. The interest rate is 5% 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. Students who transfer from Beloit College or go 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.