Federal Loans

 
  • Loans are a type of federal aid that must be repaid.
  • Based on your financial need, you may be eligible for having the Government pay your loan interest; called a subsidized loan.
  • If applying for federal direct student loans, you must be enrolled as, at least, a half-time student.
  • In some cases a student will be approved for a Pell Grant and have the rest of his/her education costs financed with a federal loan. Again, this is dictated by your financial need.
  • Your financial package (grant and/or loans combination), is determined through Federal Student Aid application process, including your submission of the FAFSA.
  • PLUS loan applicants must follow a different application process.
  • You will need to complete your FAFSA each year to determine yearly eligibility for loans.
  • We support the following types of Federal Loans:
Loan TypeEligibilityAward amountsInterest RatesLender/Length of Repayment
Direct Stafford/Ford Loans: SubsidizedUndergraduate and graduate students; must be enrolled at least half-time

 

 

 

 

 

 

 

$3,500-$8,500

 

Amount depends on grade level, dependency status, and financial need		Fixed rate of 3.4% for loans made to undergrads

 

Fixed rate of 6.8% for loans made to graduate students

 

Government pays interest on subsidized loans during school and certain other periods		Lender is the US. Department of Education; Repay Department

 

Duration: 10-25 years to repay, depending on amount owed and type of repayment plan selected
Direct Stafford/Ford Loans: UnsubsidizedSame as above$3,500-$20,500

 

Minus any subsidized loan amounts received

Amount depends on grade level and dependency status		Same interest rates as above;

Borrower pays all interest		Same as above
PLUS Loan: DirectParents of dependent undergraduate students enrolled at least half-time

Graduate or professional degree students enrolled at least half-time

Borrower must not have negative credit history		Maximum amount is cost of attendance minus any other financial aid you receiveFixed rate at 7.9%

Borrower pays all interest		Same as above
Need Help with Financial / Tuition Assistance?

- Watch brief videos with answers to many of your financial assistance questions on Financial Aid TV
- Attend an online Financial Aid Orientation session with the experts
- For additional assistance, contact our Financial Aid Help Desk:  877-372-3535 | Send an e-mail
 

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