Home » Financial
Aid
» Loans
Loans
As you'd expect, these are loans and must be repaid. Here are the basics:
Federal Subsidized Stafford Loan
- Who's eligible? Qualified undergraduate students may receive low-interest federal loans.
- Repayment terms: Repayment (principal and interest) is deferred until six months after you graduate, withdraw or drop below half-time status. Loan must be repaid within 10 years at payments of no less than $50 per month.
- Interest rate: Fixed interest rate of 4.5%.
- How much? Loan amounts are up to $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors.
Federal Unsubsidized Stafford Loan
- Who's eligible? Qualified undergraduate students may receive federal loans with the same terms and conditions as the Subsidized Stafford Loans, except that interest accrues while you're in school. Available to students who don't qualify for the Subsidized Stafford Loan or who aren't eligible for the full Subsidized Stafford Loan amount.
- Repayment terms: Repayment (principal and interest) is deferred until six months after you graduate, withdraw or drop below half-time status. Loan must be repaid within 10 years at payments of no less than $50 per month.
- Interest rate: Fixed interest rate of 6.8%.
- How much? Loan amount of $2000 awarded to all students per year and up to $3,500 for freshman, $4,500 for sophomores and $5,500 for juniors and seniors. Independent* freshmen or sophomores may borrow an additional $4,000 above regular Stafford limits, and independent juniors and seniors may borrow an additional $5,000 above regular Stafford limits. Students whose parents have been denied a PLUS loan will be eligible to receive a supplemental Unsubsidized Stafford Loan of $4,000 in their freshman and sophomore years and $5,000 in their junior and senior years.
* See FAFSA guidelines for what qualifies you for "independent" status.
Federal Parent Loan for Undergraduate Students (PLUS) Loan
- Who's eligible? Parents of dependent students may borrow through this loan program.
- Repayment terms: Repayment usually begins within 60 days of second disbursement or payments may be deferred.
- Interest rate: Fixed interest rate of 7.9%.
- How much? Loan amounts vary and cannot exceed the cost of attendance minus other financial aid received.
Federal Perkins Loan
Undergraduate students with exceptional financial need can be awarded a low-interest federal loan.
Repayment terms: Repayment begins nine months after you graduate, withdraw or drop below half-time status.
Interest rate: 5%.
How much? Up to $2,000 per year.
Private Loans
Private student loans are offered by banks or lending institutions to help students and parents bridge the gap between the cost of education and the amount of financial aid received. These are private supplemental loans that are NOT guaranteed by the federal government. Terms and conditions can vary according to specific lender guidelines. Please refer to the Private Student Loans flyer for more information.
|
