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Federal Perkins Loan
The Office of Financial Aid awards these loans from federal funds based on the financial need of the student and funding availability. Amounts awarded cannot exceed $3,000 per academic year. No interest is charged to the student who is enrolled at least half-time (six credits per semester). When a student ceases at least half-time enrollment, a nine-month grace period is given before the interest (5%) begins to accrue and payment is due. Borrowers have up to 10 years to repay this loan with a minimum monthly repayment of $40.

Federal Family Education Loan Program
The different types of loans under this category include:

  • Federal Stafford Loan
    The Federal Stafford Loan program assists students with meeting educational costs by providing low-interest, long-term loans. If the student demonstrates financial need for the loan, the interest is subsidized by the government while the student is enrolled at least half-time (six credits per semester) and until a six-month grace period has expired.

    Eligibility for a loan is based on the EFC calculated by the Federal Student Aid Programs. Families must demonstrate financial need for the loan according to criteria established by the U.S. Department of Education. Students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for a Federal Stafford Loan.

    The subsidized loan amount is limited to demonstrated need up to a maximum of $3,500 for a dependent first year undergraduate student (less than 30 credits earned) and $4,500 for a dependent student who has successfully completed the first year (a minimum of 30 credits) and is in the second year of undergraduate study. The interest rate on the Federal Stafford loan is fixed at 6.0%. Loan amounts are prorated when a program, or the remaining part of a program, is less than an academic year and when the student's enrollment status is less than full time.

  • Federal Unsubsidized Stafford Loan
    Dependent students who do not qualify for the full interest subsidy under the Federal Stafford loan program may receive an unsubsidized Stafford loan. The unsubsidized Stafford loan differs from the subsidized Federal Stafford loan in that all the interest on the loan during in-school, grace, and deferment periods must be paid by the student.

    The loan limits on the Federal Unsubsidized Stafford Loan are the same as the subsidized Federal Stafford loan less any amount of subsidized Federal Stafford loans borrowed. Therefore, students who show need for only part of the annual subsidized Federal Stafford loan limit may borrow the remainder through the Federal Unsubsidized Stafford Loan.

    Independent students may borrow a maximum of $7,500 (up to $3,500 subsidized plus $4,000 unsubsidized) as first-year undergraduates and $8,500 (up to $4,500 subsidized plus $4,000 unsubsidized) for independent students who successfully completed the first year (a minimum of 30 credits) and are enrolled in the second year of undergraduate study. The interest rate on the Federal Unsubsidized Stafford loan is the same as the Federal Stafford loan. Repayment of principal commences six months after the month in which the student ceases to be enrolled at least half-time.

    Note: No student may borrow in excess of the cost of attendance as calculated by the Office of Financial Aid.

  • Federal PLUS Loans (Parent Loan for Undergraduate Students)
    This loan program is for the parents of undergraduate students to help them meet the cost of education. Parents may borrow up to the cost of education minus estimated financial assistance to the student. The interest rate is fixed at 8.5%. Repayment of the Federal PLUS loan begins 60 days after the last disbursement. Parents are eligible to borrow a Federal PLUS loan only if they have no adverse credit history. Parents complete a PLUS application and promissory note. Contact the Office of Financial Aid for application information. Please note: Some Federal Loan borrowers may be charged an origination fee of at most 3%. Each loan must be disbursed in two equal payments. The fees are deducted from the proceeds of each check.