Types of Loans

• Eligibility – Based on financial need, completed FAFSA, attendance of at least half time, and no unresolved defaults or overpayments owed on a Title IV educational loan or grant.
• Amount – Yearly amount varies based upon class standing.
  Freshmen (0-29 credits): $3,500
  Sophomores (30-59 credits): $4,500
  Juniors (60-89 credits): $5,500
  Seniors (90+ credits): $5,500
  Graduate Students: $20,500
• Terms – Interest rate is 4.5%; loan fees are charged according to Federal laws (maximum is 4%). Interest is deferred while the student is enrolled at least half time. Payment of principal and interest accrual begins six months after the student ceases to be enrolled at least halftime, with ten years to repay. If a student graduates or ceases to attend at least half time, they are required to complete exit counseling online.

• Eligibility – Not need-based; based on non-eligibility for a Federal Subsidized Loan, Independent status, or dependent student whose parent was denied for a PLUS Loan. Also based on completed FAFSA, attendance of at least half time, and no unresolved defaults or overpayments owed on a Title IV educational loan or grant.
• Amount – The yearly amounts for students who are not eligible for a Federal Subsidized Loan are the same as the Federal Subsidized Loan.
  Additional amounts are available for Independent students, and Dependent students whose parents have been denied for the PLUS Loan:
  Freshmen/Sophomores: $4,000
  Juniors/Seniors: $5,000
  Additionally, beginning in 2008, students (students eligible for a Subsidized Stafford loan, students not eligible for a Subsidized Stafford Loan, Independent students, and Dependent students whose parents have been denied a PLUS Loan) are eligible for an additional $2,000 Unsubsidized Stafford Loan.
• Terms – Interest rate is 6.8%. Loan fees are the same as for the Federal Subsidized Stafford Loan. Borrowers are responsible for the interest while they are enrolled and during repayment period. Interest payments can be deferred while students are in school and during their grace period. Payment of principal and interest begins six months after the student ceases to be enrolled at least half-­time, with ten years to repay. If a student graduates or ceases to attend at least half time, they are required to complete exit counseling online.

Students cannot take out a total of more than the aggregate amounts (listed below) during their lifetime in school:

Undergraduate Dependent:
Stafford Subsidized and Unsubsidized – $31,000 ($23,000 Sub max)
Undergraduate Independent:
Stafford Subsidized and Unsubsidized – $57,500 ($23,000 Sub max)
Graduate Students:
Stafford Subsidized and Unsubsidized – $138,500 ($65,000 Sub max)

• Eligibility – Priority is given to Undergraduate Freshmen and Sopho­mores, who have exceptional need, as well as a completed FAFSA, attendance of at least half time, and no unresolved defaults or overpayments owed on a Title IV educational loan or grant.
• Amount – Average yearly amount is $1,000
• Terms – Interest accrues at 5% when the student ceases to attend at least half-time. Interest is deferred as long as the student is enrolled at least half-time. Payment of principle begins nine months after the student ceases to be enrolled at least half-time.

• Eligibility – Not need-based. Parent of an enrolled dependent, undergraduate student attending at least half time. Parents must have acceptable credit rating, be a U.S. Citizen or National or eligible resident non-citizen, and have no unresolved defaults or overpayments owed on a Title IV educational loan or grant.
• Amount – The maximum amount is the student’s estimated budget minus financial aid.
• Terms – Interest rate for 2010-2011 is 7.9%. Repayment of principle and interest begins 60 days after the last disbursement. Loan fees are 4%.

• Eligibility – Not need-based. Graduate student attending at least half time, completed FAFSA, and no unresolved defaults or overpayment owed on a Title IV educational loan or grant.
• Amount – The maximum amount is the student’s estimated budget minus financial aid.
• Terms – Interest rate for 2010-2011 is 7.9%. An origination fee of 4% of the total amount of the Direct Graduate PLUS Loan may be deducted. Repayment of principle and interest begins 60 days after the last disbursement. However, in-school deferment will be automatically granted based on school certification. Direct Graduate PLUS Loans may be aligned with the grace period of any Federal Direct Stafford Loan. Loan fees are charged according to Federal laws.

• Eligibility – Not need-based. Students must have acceptable credit rating and/or co-signer.
• Amount – The maximum amount is the student’s estimated budget minus financial aid.
• Terms – Interest rates, loan fees, and repayment terms vary by lender.