Student Loans
To apply for a subsidized or unsubsidized Federal Stafford Loan (government loans), first complete the FAFSA in October prior to the upcoming academic year. Your school will determine your eligibility for student loans once you have submitted your FAFSA. They will then prompt you with further instructions. Loans must be paid back. You cannot declare bankruptcy on student loans. Repayment will begin 6 months after the last date of enrollment. Loans from private venders should not be pursued until federal money has been exhausted.
Subsidized Loans:
Eligibility is based on financial need. The federal government pays the interest while you are continuously enrolled in school at least half time and during periods of deferment. You will not be responsible for paying the interest that accrues while you are enrolled at least part time in school.
Unsubsidized Loans:
You may borrow up to the Cost of Attendance minus any other aid received; including any subsidized Stafford Loan amounts you have been awarded. You are responsible for paying all interest, which will begin to accrue as soon as the loan is disbursed. The loan will be disbursed at the beginning of each semester in which you accept an unsubsidized loan. You may choose to pay the interest as it accrues or defer it as long as you are enrolled at least half time, during your grace period, and during periods of authorized deferment.
Federal Direct Plus Loan:
This loan is not based on financial need and is available to graduate and professional students and to parents (for their dependent undergraduate student). You are responsible for paying all interest which will begin to accrue as soon as the loan is disbursed. To be eligible, you must not have negative credit history. For parent borrowers, the first payment is generally due within 60 days after the loan is disbursed.
Federal Perkins Loan:
The Perkins program is administered by your school’s financial aid and/or business office and provides loan funds at a fixed 5% interest rate. Eligibility is based on financial need.