Loans

Apply for Loans

Averett will offer you loan options after reviewing your eligibility for scholarships, grants and work-study programs. Student loan programs typically offer lower than average interest rates and often offer interest-free grace periods. Some loans may be deferred or repaid if you work in a particular program or government job after graduation.

Students must complete the Free Application for Federal Student Aid to be considered for these loans.

Federal Perkins Loan
Full-time or half-time undergraduate students with proven financial need are eligible. The amount of this loan is up to $4,000.

Federal Stafford Student Loan
Full-time or half-time students may qualify for this low-interest educational loan. Freshmen may borrow up to $3,500 annually, sophomores up to $4,500 and juniors and seniors up to $5,500 annually. In addition to completing the Free Application for Federal Student Aid, obtain a loan application from a lender of your choice that participates in the Federal Stafford Loan program, complete it, and send the loan application to Averett's Financial Aid Office, 420 West Main St., Danville, Va. 24541

Grad PLUS Loan (Graduate Students)
With a Grad PLUS loan, graduate students enrolled at least half time can borrow up to the total cost of education, less other financial aid received. To qualify you must: Complete the FAFSA, accept all Stafford Loan funds you are eligible to receive and pass a credit check. New loans issued beginning July 1, 2006 will have a fixed interest rate of 8.5%. Payment of PLUS loans is not deferred while the student is enrolled.

Parents Loan to Undergraduate Students (PLUS)
Parents of dependent students who do not qualify for need-based aid or who need additional funds to supplement need-based aid are eligible. The amount of this loan is variable (up to the cost of education minus all other financial aid.). If your Parent Plus loan is denied, please submit denial confirmation to the financial aid office.