Providence Christian College offers its own loan program to students.  The loan program, modeled after the Federal Stafford Loan program, offers subsidized and unsubsidized loans with interest rates that are similar to Federal rates.  Loans are awarded based on student need and are renewable each year the student remains at Providence.  Students who are eligible for this program are encouraged to contact the Office of Financial Aid for an application and more information.

Subsidized Loan
The Subsidized Loan ranges from $0-2,625 per year.  During the student's enrollment at Providence, the college will pay the interest as it accrues on the loan (as long as the student carries at least half the normal academic workload) and for six months following graduation.  Following the six month grace period, the student borrower is responsible for all other interest charges. 

Unsubsidized Loan
The Unsubsidized Loan ranges from $0-4,000 per year.  During the student's enrollment at Providence, he or she is responsible to make interest payments to the college as it accrues on the loan or defer interest to be added on to the loan principle.  (It is recommended that students pay the interest monthly as this will reduce the amount of the loan payment after leaving Providence.)  Upon the student's leaving Providence, he or she is responsible to begin making payments on the loan following a six month grace period.

Information & Guidelines for Providence Student Loans

1. Students must understand that the borrowed funds are to be used exclusively for PCC educational purposes.
2. After graduating from Providence, students will be granted a six month grace period before loan payments to the college begin.
3. The subsidized and unsubsidized loans may be consolodated upon the student's leaving PCC.
4. Loans will be amoritized over a ten year period.  Students are free to pay ahead without penalty.
5. Students leaving Providence prior to graduation (transfer students) will be granted a three month grace period before loan payments to the college must begin.

Questions or concerns regarding the loan program may be directed to Tina Bos in the Office of Financial Aid.