Loans
Low-interest, long-term loans may be obtained from Berea College when needed to pay essential school expenses. Loans are not a part of the student's initial aid package. Students need to contact Student Financial Aid Services to inquire about other options before considering a loan. Most loans do not accrue interest as long as the borrower is a full-time student. Long-term loans become due six months after graduation or withdrawal from college and must be repaid within an agreed upon schedule. Special non-interest-bearing loans are available to students who have significant financial need and who plan to serve in the Appalachian region after graduation.
Berea College also participates in the Federal Perkins Loan Program and the William D. Ford Direct Loan Program, both of which have fixed interest rates. For more detailed information concerning the financial assistance program, please contact the Student Financial Aid Services Office at (859) 985-3310. The Federal government will determine the rate of interest each year depending on amounts agreed upon by Congress.