Financial Aid - Loans
Loans are awarded after eligibility for grants are determined. Your financial aid package may include loans in the form of need based and/or non-need based financial aid. Students are encouraged to exhaust all federal student loan options before seeking private education loans.
Need Based Loans
* direct federal subsidized loan 2012 - 2013
(Freshman maximum = $3,500 & Sophomore maximum = $4,500)
Non-Need Based Loans
* direct federal unsubsidized loan 2012 - 2013
(Dependent maximum = $2,000 & Independent maximum = $6,000)
* Direct Parent PLUS Loan 2012 - 2013
First Time Borrowers: Please be aware that your loans will be delayed 30 days from the start of school. The delay disbursement date for spring 2013 is February 14th.
Spring Only Students: The Department of Education requires that the schools disburse student loans in at least two disbursements. If you did not take student loans in the fall semester, your student loans will be split into two disbursements for the spring semester. The disbursement dates for spring 2013 are February 14th and March 8th.
* Alternative educational loans
There are two types of Stafford and Direct loans:
Subsidized - Need Based. The government pays the interest while the student is enrolled in at least 6 credits.
Unsubsidized - Non Need Based. Interest accrues on loan while in school.
Direct Loan Interest Rates
For more information regarding direct loan interest rates click the following link.
Current Interest Rates
For subsidized and unsubsidized loans first disbursed between July 1, 1998, and June 30, 2006, the interest rate for the period July 2009 through June 30, 2010, is 2.48% for loans in repayment and 1.88% during in-school, grace, and deferment periods. Similarly, for PLUS loans loans disbursed between July 1,1998 and June 30, 2006, interest rate is now 3.28%.
The interest rate for new subsidized and unsubsidized loans first disbursed on or after July 1, 2006, is a fixed 6.80% with these exceptions: subsidized undergraduate loans first disbursed between July 1, 2008, and June 30, 2009, (inclusive), have an interest rate of 6.00%; those disbursed between July 2009 and June 30, 2010, have a rate of 5.60%. This will be further reduced in coming years. The interest rate for PLUS loans first disbursed on or after July 1, 2006, is a fixed 7.90%. For Direct consolidation loan interest rate, click the following link for more information.
For more information regarding PLUS Loans please click the following Link