DIRECT STAFFORD LOAN PROGRAM A federal subsidized and unsubsidized loan program available to all students. The interest rate is currently 6.8% fixed on unsubsidized loans and 4.5% fixed on subsidized loans (for loans disbursed after July 1, 2010). Repayment of the interest and principal begins six months after graduation or enrollment ceases EXCEPT for the interest on an unsubsidized loan, which the student is responsible for while still enrolled in classes. The U.S. Department of Education provides a loan repayment calculator (estimate of repayment only). Current or former students may view their financial aid history by accessing NSLDS.
An entrance interview and exit interview are also required for any student receiving a Direct Stafford Loan. The Financial Aid Office conducts the entrance and Exit interviews for Direct Stafford Loans or can be completed online at http://www.studentloans.gov/
ALTERNATIVE LOAN PROGRAM There are several alternative loan programs available to students who need additional funding for school expenses. Alternative loans are not federal student loans, but are credit based student loans that often require a cosigner. Repayment of alternative loans is usually deferred until the student graduates or ceases to be enrolled at least half-time. Below is a link that will help you through the process of deciding which Private Loan is best for you. FASTChoice makes it easy by providing you with simple but critical information about types of funding and money management. It also clearly presents your new responsibilities if you go on to borrow money. And finally, FASTChoice presents you with a collection of loan products in a way that makes it easy to understand and compare them.
