Direct Loan Program

To complete your Entrance Counseling and your Master Promissory Note go to:

Your Federal student Loans:  Learn the basics and manage your debt

Federal Direct Stafford Loans

Eligible Borrower
Student enrolled in post-secondary program on at least a half-time basis. School will determine borrower status as either a dependent or independent student.

Interest Rates for July 1, 2016 to June 30, 2017:

  • Subsidized Stafford Loan has a fixed rate of 3.76%
  • Unsubsidized Stafford Loan has a fixed rate of 3.76%

Interest Rates for July 1, 2017 to June 30, 2018:

  • Subsidized Stafford Loan has a fixed rate of 4.45%
  • Unsubsidized Stafford Loan has a fixed rate of 4.45%


Loan Limits

1st year $3500/$2000
2nd year $4500/$2000

As an independent student you may be eligible to borrow up to an additional $4000.00 in an unsubsidized loan.

Interest Responsibility
Subsidized - Federal government pays interest while student is enrolled at least half-time.

Unsubsidized - Borrower is responsible for all interest costs. Interest may be paid quarterly, annually or capitalized (applied to principal) during period of enrollment. 

Standard Repayment
Payments begin 6 months after student withdraws, graduates or drops below half-time status. Minimum monthly payment is $50.00. The loan must be repaid within 10 years. Extended, graduated, or income-sensitive repayment options are available.

If you intend to apply for a Federal Stafford Loan CLICK HERE

Federal PLUS Loan

Eligible Borrower
Parent of a dependent student enrolled in post-secondary program on at least a half-time basis. School determines PLUS Loan eligibility. Borrower credit review required.

Interest Rate

Loans disbursed from July 1st, 2015, to June 30th, 2016 have a fixed rate of 6.84%

Loans disbursed from July 1st, 2016, to June 30th, 2017 have a fixed rate of 6.31%

Loans disbursed from July 1st, 2017, to June 30th, 2018 have a fixed rate of 7.00%

Loan Limit
No annual maximum. Parent may borrow up to full cost of students education less any other financial aid the student receives.

Interest Responsibility
Borrower is responsible for all interest costs.

Standard Repayment
Payments begin 30 to 60 days after full loan disbursement. (An In-School Deferment can be requested each year while the student is still attending, up to a maximum of 4 years.) Minimum monthly payment is $50.00. Loan must be repaid in 10 years.

The parent borrower will need to know their FSA ID to apply.

To apply please go to and after the parent logs in using their FSA ID, click on the “Request a Direct PLUS Loan” link.

Private Loans

Ridgewater College recognizes that not all students will be able to meet the financial requirements of paying for an education on their own, even with the assistance of traditional financial aid resources. We cannot recommend a loan program or lender for you if you need to borrow additional funding, however, we can provide you with the information you will need to borrow wisely.

Each borrower's wants and needs are unique. You should evaluate each loan program to determine the best loan for you and your educational plans.


Tips on Private Loans
Do your homework before submitting an application. The interest rates are usually determined by the applicants and/or co-signers credit history or score. Be sure you ask what your interest rate is going to be, and if there are any upfront fees or fees added later when repayment starts. Be sure you also know the consequences of withdrawing from school early, making a late interest payment or making a late principal payment once you start repayment.

You should know at least the following about a loan program before completing an application:

  • Interest rate and how it is calculated
  • The amount of application or origination fees (upfront fees or repayment fees)
  • When payments are required (interest and principal)
  • If a cosigner is required
If you feel you need additional loan money,
please go to:

Here are a couple of good links:

U.S. Department of Education: Federal Student Aid

To check the current interest rates according to the Wall Street Journal, click here:

Wall Street Journal's Prime Rate Bank Survey

LIBOR: London Interbank Offered Rate

Information to Help You Consolidate Your Federal Student Loans

There are lots of reasons why borrowers should consolidate their student loans. Unfortunately, the process of consolidating is sometimes more complicated than the decision to consolidate. As a result, some borrowers consolidate without taking full advantage of the benefits of consolidation, while others decide not to consolidate at all.

Information on Consolidations

NSLDS-Nation​al Student Loan Data System- Go here to find all of your Federal Loans.


Ridgewater College is an equal opportunity employer and educator.