Loans
Loans are borrowed monies that must be repaid with interest. The following are the types of loans that are offered at the
Federal Subsidized Stafford Loan
A fixed interest rate loan at 6.0% beginning July 1, 2008 awarded to undergraduates and graduates who demonstrate financial need. This loan is funded by a bank, credit union or any other organization that participates in the Federal Family Education Loan Program (FFELP). The federal government pays the interest on the loan until repayment begins and/or while you are in deferment. A loan fee of up to 4% may be assessed at each disbursement. Please check with your lender for more information.
Federal Unsubsidized Stafford Loan
A fixed interest rate loan at 6.8% beginning July 1, 2006 awarded to undergraduates and graduates who do not demonstrate financial need, but may also be used to supplement a Subsidized Stafford loan. The federal government does not pay for the interest on this loan; you are responsible for the accrued interest from the time of disbursement until repayment in full. However, you have the option of capitalizing your loan until repayment begins, having it accrue interest while you are in school and having that accrued interest added to the principal loan amount. The terms for the Unsubsidized Stafford loan are the same as those for the Subsidized Stafford loan. A loan fee of up to 4% may be assessed at each disbursement. Please check with your lender for more information.
Federal PLUS Loan
A federal loan for parents of dependent, undergraduate students enrolled at least half time. The PLUS loan has a fixed interest rate of 8.5% beginning July 1, 2006. Parents, who have an acceptable credit history, may borrow up to the cost of attendance minus any other financial aid. Repayments usually begin 60 days after the final loan disbursement for the academic year with interest charged from the date of the first disbursement until the loan is paid in full. A loan fee of up to 4% may be assessed at each disbursement. Please check with your lender for more information.