Loans

Types of Federal Aid

The Federal Direct Loan Program enables students to borrow money for educational expenses. There are two types of direct loans: subsidized and unsubsidized. Subsidized loans have no interest charged while the student is enrolled at least half-time. Unsubsidized loans accrue interest during all periods. All terms and conditions of these loans will be provided when you complete the Entrance Counseling and Master Promissory Note. (MPN)

Eligibility

Students applying for federal financial aid must be a United States citizen or a permanent resident alien with a valid FAFSA on file. For more information about eligibility, please visit: studentaid.gov

^*The Department of Education assesses an origination fee for each federal loan. This fee is calculated as a percentage of the total loan amount and is deducted from each loan disbursement. This means that the amount applied to your account will be less than the total amount that you actually borrowed/requested. Your specific loan fee will be included in a disclosure statement that you will receive after the first disbursement of your loan. Please note that you will still be responsible for repaying the requested/awarded amount. Learn more about loan fees.

Subsidized Student Loans (Need Based):

The loan will not accrue interest while the student is enrolled at least part-time.

Interest Rate: Fixed Rate- 6.53%

Repayment: You do not need to start repayment until:

6 months after graduation
Withdrawal
Leave of Absence
Drop below half-time enrollment

Unsubsidized Student Loans (Non-Need Based):

The loan will begin to accrue interest after disbursement.

Interest Rates: Fixed rate- 6.53%

Repayment: You do not need to start repayment until:

6 months after graduation
Withdrawal
Leave of Absence
Drop below half-time enrollment

Federal Parent Plus Loan:

A loan taken by the parent of a dependent student for educational expenses which accrues interest until the loan is paid in full. A credit check is required as part of the application process and the amount requested can not exceed the cost of attendance. Click here for the parent plus loan application.

Interest Rates: Fixed Rate – 9.08%

Repayment: Borrower must contact their loan servicer to explore repayment options.

Federal Unsubsidized Graduate Loan:

Unsubsidized Loans accrue interest during all periods.

Interest rate: Fixed Rate – 8.08%

Repayment: You do not need to start repayment until:

6 months after graduation
Withdrawal
Leave of Absence
Drop below half-time enrollment

Federal Graduate PLUS Loan:

A loan taken by a graduate student enrolled in a master’s program for educational expenses. Interest is charged on this loan starting from the day of disbursement. A credit check is required as part of the application process. Click here for the graduate plus loan application.

Interest rate: Fixed Rate – 9.08%

Repayment: Borrower must contact their loan servicer to explore repayment options.

Private Alternative Loans

Students who are looking to cover the cost of education may be interested in private loans. While we recommend exhausting your federal loan options first, students may opt to use private loans to fund their education. The ability to receive a private loan is based on the credit rating of the borrower and their co-signer. Eligibility, interest rates and the terms and conditions for each loan are dependent on the lender. Students can work directly with the lender of their choice to determine the best situation for them.

List of lenders.
*You may use a loan/lender that is not provided on this list.