Loans
Loans are money borrowed that must be repaid, with interest. Eligible students must be enrolled at least six credit hours to receive a federal loan. A promissory note must be signed and completed along with entrance/exit counseling. Please refer to the Federal Student Guide for detailed information.
The Federal Perkins Loan Program
This program offers low-interest loans for students who have exceptional financial needs and are enrolled in an eligible program. Awards are generally made on a first-come first-served basis until funds are exhausted. When awarded, the student must complete a promissory note and undergo entrance counseling with a student account representative in the Bursar’s office.
William D Ford Federal Direct Stafford Student Loans
These loans are backed by the federal government. Credit checks are not required for students. There are two types of Stafford Loans: subsidized and unsubsidized. Students must have a financial need to receive a subsidized Stafford Loan. The U.S. Department of Education will pay the interest on a subsidized Stafford Loan during certain periods. Interest rates are fixed at 6.8 percent for student loans first disbursed on or after July 1, 2012. Rates are subject to change. A promissory note and entrance counseling must be completed at www.studentloans.gov.
Eligible parents may borrow directly from the U.S. Department of Education. This program charges a 4 percent Origination Fee which will be taken out of the loan. The fixed interest rate is 7.9 percent. Parents can apply at www.studentloans.gov.
Federal Family Education Loan (FFEL) Program:
Annual limit based on cost of attendance budget:
Dependent Students:
- First Year: $5,500 - No more than $3,500 of this amount may be in subsidized loans.
- Second Year: $6,500 - No more than $4,500 of this amount may be in subsidized loans.
- Third Year and each year beyond: $7,500 - No more than $5,500 of this amount may be in subsidized loans.
Independent students (and dependent students whose parents are unable to obtain PLUS Loans):
- First Year: $9,500 - No more than $3,500 of this amount may be in subsidized loans.
- Second Year: $10,500 - No more than $4,500 of this amount may be in subsidized loans.
- Third Year and each year beyond: $12,500 - No more than $5,500 of this amount may be in subsidized loans.
Maximum Total Debt Upon Completion of Undergraduate Studies:
- Dependent Students: $31,000 - No more than $23,000 of this amount may be in subsidized loans.
- Independent Students: $57,500 - No more than $23,000 of this amount may be in subsidized loans.