Federal Stafford Loans
(subsidized and unsubsidized)
The school's Financial Aid Office determines your eligibility for the Federal Stafford loan based on the information you supply on the FAFSA (Free Application for Federal Student Aid). The interest rate is variable, adjusted annually, and cannot exceed 8.25%. The Federal government charges an origination fee up to 4%on Federal Stafford loans, so the amount applied to your student account will be less the fee amount. Repayment will begin after the six-month grace period when you discontinue being at least a half-time student.

Subsidized - The government pays the interest until repayment, if you meet certain financial requirements.

Unsubsidized - If you do not demonstrate financial need, you are responsible for paying interest that accrues during school, grace and deferment periods. If not paid while in school, the interest is added to the principal (capitalized) at the end of the grace period.

Federal PLUS Loan
(Parent Loan for Undergraduate Students)
PLUS loans are federally sponsored education loans for parents of undergraduate students. Less other financial aid your child may receive, PLUS loans may cover the cost of education, including tuition and fees, room and board, books and supplies, transportation, and living allowance. PLUS loans have a low variable interest rate, established by federal statute, and cannot exceed 9%. You may borrow for each dependent child who is enrolled at least half time in an approved postsecondary or higher education program. The Federal government charges a loan origination fee (up to 4%), which will be deducted from the loan amount. Repayment begins immediately after the loan is fully disbursed.

Gift-aid, grants, and scholarships
The programs provide funds that do not have to be repaid. The federal government funds two of the largest higher education grant programs for undergraduate students: the Pell Grant Program and the Federal Supplemental Educational Opportunity Grant (FSEOG) Program. These grants are generally reserved for the most needy students. Contact your school's financial aid office for additional information.

Work-study programs
Through work-study, you earn money while you are in school by working part time on campus or in the community. These programs can be sponsored by the school or the government. Contact your school's financial aid office for additional information.

Federal Perkins Loans
A Federal Perkins loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need. Perkins loans are funded by the government and administered by the college or university. Contact your school's financial aid office for additional information.

Private Education Loans
Many graduate and professional students need to borrow money in addition to the Federal Stafford loan. Although Private loans generally have a higher interest rate than the Federal Stafford loan, they are becoming an increasing necessity to help meet education costs. Private education loan programs are not sponsored or guaranteed by government agencies. Contact your school's financial aid office for additional information concerning Private loans.

Institutional Loans
Some colleges and universities offer their own loans. Each school will establish the eligibility requirements and loan characteristics. Contact your school's financial aid office for additional information.