Loans are a form of financial aid that many students use to help bridge the gap between their personal resources and the cost of pursuing a college degree. There are a variety of loan programs for which you can be considered. When thinking about loans, keep in mind that, unlike grants and scholarships, loans accrue interest and must be repaid either while you are attending school, after you graduate, or after you withdraw from the university. It is important to understand the loan programs that are available to you so that you can make informed decisions about how much money you should borrow, if any, and which loan programs are best for your needs.
These loans have fixed interest rates, the longest grace periods,
and lowest minimum payments.
Federal Direct Stafford Loans are offered at a fixed 6.8% rate for loans first disbursed on or after July 1, 2006.
For Subsidized Loans (Sub) the government pays the interest while you are in school;
for Unsubsidized Loans (Unsub), you are responsible for paying the interest while you are in school.
If you choose not to pay the interest, it will accrue and be capitalized (added on to the principal at the beginning of repayment).
Available to graduate and graduate/professional students based on educational costs.
The Grad PLUS Loan interest rate is 7.9% for loans first disbursed after July 1, 2006.
Repayment begins 60 days after the last disbursement of the loan for that academic year.
PLUS loans are borrowed by parents of dependent students.
The PLUS Loan interest rate is 7.9% for loans first disbursed after July 1, 2006.
Repayment begins 60 days after the last disbursement of the loan for that academic year.
Private loans provide students additional funding for unmet college expenses.
These loans are credit-based, non-deferred funds.
These loans are made by the university when other aid options are exhausted.
