Need money for school?
First Financial Bank is committed to helping students and their parents with the dream of a college education. We know that financing college can be a confusing and intimidating process. The Student Loan Department at First Financial Bank is committed to simplifying this process and providing you with the resources and personal assistance needed to create the Financial Aid package that is best suited for the needs of your family.
Federal Stafford Loans
Federal Stafford loans are a great way for students to meet their education financing needs.
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Partnership with Parents Subsidized Loan
Partnership with Parents Subsidized Loan is an innovative financing option at Schreiner
University for the parents of undergraduate students entering during the 2007-2008 academic
year.
The Partnership with Parents Subsidized Loan is a federally guaranteed loan offered to parents
to help pay for their dependant students education. Schreiner will subsidize the interest of the
principal borrowed each year up to $15,000 per year for a maximum of 45 months while the student
is attending Schreiner University as an undergraduate. The program’s interest subsidies, flexible
payments and interest rate reductions combine to make this a more affordable way for families to
pay for a Schreiner University, learning by heart education.
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Interest-free while enrolled
Schreiner University has made a commitment to provide an interest-free loan through the
Partnership with Parents Subsidized Loan Program during the student’s active four-year
undergraduate enrollment at Schreiner University. Additional, unsubsidized amounts are
available to families wishing to borrow more than the $15,000 per year for a maximum of
45 months. In addition; this loan program offers a fixed payment plan to help even out
the monthly payments into equal installments while the student is in school. Federal Plus
loans are not need based.
All or most of the interest is paid by Schreiner and is dependant on the timing of borrower payments.
Because this is a Federal Parent Loan for Undergraduate Students (PLUS) loan, payments will be
calculated as principal plus interest; however while your student is enrolled, Schreiner University
will make payments equal to interest accrued in the previous month while your payment is applied to
the principle and current interest; thus helping you to expedite the repayment process.
Loan Disbursement
Because this is a Federal Parent Loan for Undergraduate Students (PLUS) loan, half of the principal is disbursed at the beginning of the fall semester, and half is disbursed at the beginning of the spring semester. The first payment will be due within 60 days after the second disbursement, for most students the first payment of the freshman year takes place in March of the following semester. Please contact First Financial or PPSLC for details.
How will it work for you?
Determine the amount you wish to borrow. You may borrow up the annual costs minus all other financial aid received. Please allow for a 3% origination fee that will be deducted from each disbursement. The Schreiner University Financial Aid Office will provide you with an award letter that will inform you of your total unmet cost for direct expenses; you may elect to borrow less or more depending upon your circumstances. Please contact the Office of Financial Aid to discuss your options.
No prepayment penalties
You can make additional payments on the principal of the loan at any time. In fact, you can make larger payments every month than what is minimally required, or you can make lump sum payments at anytime to help reduce the amount on the loan.
Consolidation, Deferment and Forbearance
Consolidation is an option for the Plus loan, but your loan may not qualify to remain in the PWP Program. If a family decides to apply for a deferment or forbearance, Schreiner University will pay the interest while the student is enrolled at Schreiner.
