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Financial Aid
Loans
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Federal Perkins Loan is a Title IV, low-interest loan for undergraduate students with
exceptional need as determined by the FAFSA. CEU is the lender. The loan is made with
government funds with a share contributed by the State of Utah. Although the money must be
repaid, no payments are made and no interest is charged until nine months after the borrower
ceases to be enrolled at least half-time. When interest begins to accrue, it is at the
rate of 5% per year as presently mandated by law. A minimum monthly payment of $30.00 for
those who borrowed prior to October 1, 1992 and $40.00 for those who borrow after
October 1, 1992, is required when the loan comes due. Under special circumstances,
payments may be deferred for a time or canceled (contact the CEU Perkins Loan Office
for additional information). A loan counseling entrance and exit interview is required
of every student who receives a Perkins loan.
Federal Stafford Student Loans (FFSL subsidized) is a low interest loan made to the borrower
directly by a lender such as a bank or credit union. Depending on need and eligibility a
borrower may borrow up to $2625 per year as a freshman and $3500 as a sophomore at a two-year
institution. The minimum monthly payment, which begins six months after the borrower ceases to
be enrolled at least half-time, is $50 . A loan counseling session is required prior to
receiving the loan and before leaving the college, other counseling and/or documents may be
required at the discretion of the Student Loan Counselor. A subsidized loan is one where
the U.S. Government pays the interest while the borrower is in school or in deferment status.
Deferment, forbearance or cancellation of payments are available for special circumstances.
See the CEU Loan Counselor for additional information on these options.
Federal Unsubsidized Stafford Loans (FUSL) is a low-interest loan made to the borrower directly
by a lender such as a bank or a credit union. Any student who has applied for a Pell Grant
is eligible for a FUSL loan up to a maximum of $4000 for independent undergraduate students.
Dependant undergraduate students whose parents are unable to obtain a Federal PLUS Loan are
eligible for increased FUSL limits. These maximums include portions of FSSL that may qualify
for federal interest subsidies as described above. Repayment of interest on the loan begins
from the date of last disbursement, however interest may be capitalized at the borrowers
request. Contact the CEU Loan Counselor for further information.
Federal Parent Loans for Undergraduate Students (FPLUS) provide funds for educational expenses
for borrowers who are parents of dependant students enrolled at least half-time. The loan is
made by a lender such as a bank or a credit union. The variable interest rate is adjusted
annually. A parent may borrow up to the students educational expenses, as determined by the
college, minus other financial aid resources. Although the FPLUS is not based on need, the
amount of the loan may never exceed the students cost of attendance, as determined by the
college minus the students other financial assistance. A PLUS borrower enters repayment at
the time the loan is fully disbursed. Contact the CEU Loan Counselor for further information.
For additional information on the Title IV financial aid program specifics, please request from
CEU a copy of the “The Student Guide” published by the U.S. Department of Education.
A more detailed description of these programs may be found in the U.S. Department
of Education’s “Financial Aid – The Student Guide”.
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