Loans & Loan Forgiveness

Greenwich Student Loan Fund – The Greenwich High School Student Loan Fund offers financial assistance to Greenwich High School graduates for full-time college undergraduate education by providing interest-free loans of up to $5,000 a year (12 month period) for four years. New applications must be submitted for each year a loan is requested. The education may be technical preparation as well as traditional college study. Loans will not be made for graduate school. To qualify for a loan, the applicant must show financial need and the family’s income may not exceed $250,000. You must provide 2 co-signers, whose combined income is a minimum of $60,000 as evidenced by attached IRS Forms 1040 and W2. If your application is approved, you and your cosigners will be required to sign a legal document in which you promise to repay your loan in monthly installments upon the completion or cessation of your full time undergraduate education. The loan check will be made out to you and the college you attend and you will need to endorse it over to the college for credit to your account. Please contact Barbara Norrgard for additional information.

Students are encouraged to review the website of the CT Office of Higher Education or federal and state loan opportunities.

Perkins Loan – Undergraduates who are US citizens or permanent resident aliens enrolled at an eligible post-secondary institution may borrow up to $4,000 a year; $20,000 total with a 5% fixed interest rate based upon available federal funds and financial need. Application is through the FAFSA process and recipients are generally notified through their school financial aid package.

Direct Subsidized Federal Stafford Loan – US citizens or permanent resident aliens enrolled at an eligible post-secondary institution may borrow up to $5,500 a year for 1st-year students, $6,500 a year for 2nd-year students, $7,500 a year for 3rd-year students and beyond. Total amount for undergraduate study:$23,000 with a fixed interest rate of 4.53% for new loan since 7/1/19. Application is through the FAFSA process and recipients are generally notified through their school financial aid package.

Direct Unsubsidized Federal Stafford Loan – For dependent undergraduates, the annual and aggregate limits are the same (see above); for independent undergraduates, up to $9,500 a year for 1st-year students (no more than $3,500 of this amount may be in subsidized loans), $10,500 a year for 2nd-year students (no more than $4,500 of this in subsidized loans), $12,500 a year for 3rd-year students and beyond (no more than $5,500 of this in subsidized loans). Fixed interest rate of 4.53%. Application is through the FAFSA process and recipients are generally notified through their school financial aid package.

Federal Parent PLUS Loan – Parents who wish to borrow to help pay for their child’s education may annually borrow federal funds up to the full cost of education less other aid. Graduate students also may borrow through the Graduate PLUS Loan Program. Fixed interest rate of 7.08%. Based upon parents’ credit history. Contact your school’s financial aid office for further information.

CHESLA Loan – Families with student enrolled at least half-time in a CT public or non-profit private college or a CT resident enrolled at least half-time in a public or private non-profit college anywhere in the U.S. may annually borrow state funds up to full cost of education less other aid at a low fixed interest rate (5.15% or APR between 5.53% to 5.65%). Families only pay interest during in-school years. Graduate and professional students may capitalize interest while in school. Upon completion of college, the loan is paid off over 140 months. Ability to repay loan and credit history is considered. Apply through the CT Higher Education Supplemental Loan Authority (CHESLA).

William D. Ford Direct Loan Program Public Service Loan Forgiveness – Borrowers who enter or are in full-time public service jobs and have made 120 payments on any of the following non-defaulted loan types: Federal Direct Stafford Loans (subsidized and unsubsidized), Federal Direct Graduate PLUS Loans, Federal Direct Parent PLUS Loans and Federal Direct Consolidation Loans may apply regarding any remaining balances after the borrower has made 120 consecutive, on-time payments, on their eligible loans.