Direct Subsidized and Unsubsidized Loan Program
A federal subsidized and unsubsidized loan program available to all students who file a FAFSA. Maximum loan amounts are $5500 for freshmen, $6500 for sophomores, and $7500 for juniors and seniors. The interest rate for undergraduate students is currently 5.50% fixed. Repayment of the interest and principal begins six months after graduation or enrollment ceases. 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 the Federal Student Aid website.
An entrance interview and exit interview are also required for any student receiving a Direct Loan and can be completed online here.
Parent PLUS Loan for Undergraduate Students
A federal loan program available to parents. The loan amount is determined either by the parent’s request or by the eligibility remaining towards the student’s cost of attendance. A credit check is required and will be processed by the Direct Loan Service. The current interest rate is 8.05% fixed. Repayment is made through the Direct Loan Program and begins 60 days after the last disbursement of the loan is received. Usually the last disbursement is received in January. If you would like more information please contact the Financial Aid Office or apply online here.
Alternative Loan Program
There are several alternative loan programs available to students and parents who need additional funding for school expenses. Alternative loans are not federal loans, but are credit based 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.
Undergraduate Student Alternative Loan Options – FASTChoice
Parent Alternative Loan Options – FASTChoice