Federal Direct Stafford Loans
- Also known as the William D. Ford Direct Loan Program
- Repaid over time (with interest) after you cease attending at least half-time
- Two types of Stafford loans are available to students. Both allow you to wait until after you are done with school to make payments
- Subsidized loans: the Federal government pays the interest while you are in school, in your grace period, and during any deferment period.
- Unsubsidized loans accrue interest throughout the life of the loan. The interest accumulates and is later added to the principal balance of the loan.
Interest Rates on Federal Direct Loans:
2010-2011 Academic Year:
4.5% (Fixed, Subsidized for Undergrad Borrowers)
6.8% (Fixed, Unsub Undergrad and Sub and Unsub Graduate Borrowers)
2011-2012 Academic Year:
3.4% (Fixed, Subsidized for Undergrad Borrowers)
6.8% (Fixed, Unsub Undergrad and Sub and Unsub Graduate Borrowers)
There is a 0.5% net loan fee deducted by the federal government prior to loan funds to the school.
Your Financial Aid Award Offer contains instructions on how to accept your Federal Direct Loans.
Federal Direct PLUS Loans for Parents
For parents of dependent undergraduate students to help pay for school.
Requirements include a determination that the parent does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a completed student FAFSA. The student also must have applied for their annual loan maximum eligibility under the Federal Direct Loan Program before the parent can apply for a Parent PLUS loan.
Interest Rates on Federal PLUS Loans for Parents:
2011-2012 Academic Year:
7.90% (Fixed)
There is a 4% origination fee deducted by the federal government prior to loan funds being disbursed to the school.
Parents may apply for a Direct PLUS Loan by completing the 2 steps below:
- Complete Parent PLUS Loan MPN on StudentLoans.gov >>>
Visit www.StudentLoans.gov and complete the Parent PLUS Loan Master Promissory Note (MPN). The parent will need to sign in to the site using their Federal PIN number. This is the same PIN used to sign the student's FAFSA. - Complete the Federal Direct PLUS Loan Request Form >>>
After completing the MPN, fill out this loan request form in its entirety, print it, and submit it to the Financial Aid Office for processing.
Federal Direct PLUS Loans for Graduate Students
Also known and the GradPLUS Loan. For graduate students that need funding beyond their Federal Direct loans. Students must take at least 4 graduate level credits each term.
Requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a completed FAFSA. They also must have applied for their annual loan maximum eligibility under the Federal Direct Loan Program before applying for a Graduate/Professional PLUS loan.
Interest Rates on Federal Direct GradPLUS Loans:
2011-2012 Academic Year:
7.90% (Fixed)
There is a 4% origination fee deducted by the federal government prior to loan funds being disbursed to the school.
Graduate students may apply for a Direct PLUS Loan by completing the 2 steps below:
- Complete Graduate PLUS Loan MPN on StudentLoans.gov >>>
Visit www.StudentLoans.gov and complete the Graduate PLUS Loan Master Promissory Note (MPN). The student will need to sign in to the site using their Federal PIN number. This is the same PIN used to sign the student's FAFSA. - Complete the Graduate PLUS Loan Request Form >>>
After completing the MPN, fill out this loan request form in its entirety, print it, and submit it to the Financial Aid Office for processing.
Private Educational Loans
Many banks and credit unions provide educational loan options, commonly referred to as private or alternative loans. These loans may have higher interest rates than federal loans and should only be considered as a borrowing option after you have exhausted all federal loan eligibility.
You may wish to review a list of some lenders that offer private loans. Please note that should you decide to borrow under the private loan program, you may select any lender of your choosing and are not required to select one from this list of lenders.
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