Financial Assistance

Loans

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Federal Stafford Loans

Stafford loans are made available to students attending college on at least a half-time basis through the Federal Family Education Loan program (through which private lending institutions provide funds). Within these programs there are two types of loans-subsidized loans (those subsidized by the federal government) and unsubsidized loans. A student may qualify for one or both, depending upon eligibility. The loan amounts for which students qualify increase as they progress through their academic programs. Repayment is made in installments, generally beginning six months after a student leaves school or from the point his or her enrollment status falls below half time. The federal government pays interest on the subsidized loan until repayment begins and during authorized periods of deferment. Students with unsubsidized loans are charged interest from the time the loan is disbursed until it is paid in full.

Federal Plus Loan

Parent Loans for Undergraduate Students are available to the parents of dependent students. This loan program is made available for students attending college on at least a half-time basis through the FFEL Program. These unsubsidized loans enable parents to borrow up to the cost of attendance minus other aid received by the student. Repayment is made in installments beginning upon the final disbursement within the first loan period. Interest is charged from the time of disbursement until the loan is paid in full.

Federal PLUS Loans

Parent Loans for Undergraduate Students are available to the parents of dependent students. This loan program is made available for students attending college on at least a half-time basis through the FFEL Program. These unsubsidized loans enable parents to borrow up to the cost of attendance minus other aid received by the student. Repayment is made in installments beginning upon the final disbursement within the first loan period. Interest is charged from the time of disbursement until the loan is paid in full.

Federal Perkins Loans

This federally funded program was established to provide a low interest loan for undergraduate students with exceptional financial need. Loans are made in amounts up to $4,000 per year. Interest begins to accrue when repayment begins, nine months after a student leaves school.