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Loan Programs

FFELP Loan Programs Available

Federal Subsidized Stafford Loan -- This loan is based on financial need as determined by the Department of Education using the Free Application for Federal Student Aid (FAFSA). The loan is subsidized because the government pays the interest while you are in school at least half time. It also pays the interest during any authorized period of deferment and for the six-month grace period after you leave school or drop below half-time enrollment. The interest rate is currently 6.8%.

Federal Unsubsidized Stafford Loan -- This loan is not based on financial need although you are still required to complete the FAFSA. Because it is unsubsidized, you are responsible for paying the interest from the time the money is disbursed. The interest may be paid as it comes due, or it may be postponed and allowed to accumulate while you are in school, during any authorized period of deferment, and for the six-month grace period after you leave school or drop below half-time enrollment. If payments are postponed, the interest accrues and is capitalized (added to your principal loan balance). If you choose this billing option, you will not make any payments while you are in school. However, this option adds to the amount you will have to repay on your loan when you leave school. It may also increase the amount of your monthly payment. The interest rate is currently 6.8%.

Federal PLUS (Parent Loan For Undergraduate Students) -- This loan is not based on financial need. Parents are eligible for this loan if their child is a dependent undergraduate student as defined by the Department of Education, if they meet certain credit guidelines and if the loan is certified by the school. Payments begin within 60 days after the loan is fully disbursed, although deferment of payment may be available through select lenders. Parents may use this loan to pay the entire Cost of Attendance - minus any other financial aid received for their dependent student. The interest rate is currently at 8.5 %.

Federal Graduate PLUS Loans -- This loan is not based on financial need. Graduate students are eligible for this loan if they meet certain credit guidelines and if the loan is certified by the school. Payments begin within 60 days after the loan is fully dispersed, although deferment of payment may be available through select lenders. Students may use this loan to pay the entire Cost of Attendance - minus any other financial aid received for their education. The interest rate is currently 8.5%.

Eligibility/Annual Loan Limits

Total Dependent Student Limits	Total Independent Student Limits
Freshman: $3,500	Freshman: $7,500
Sophomore: $4,500	Sophomore: $8,500
Junior: $5,500	Junior: $10,500
Senior: $5,500	Senior: $10,500
	Graduate: $20,500