So, which loan is right for you?

Be sure to talk with the financial aid office about these loans - they will be able to help walk you through the details of each.

Stafford Loans

There are two types of Stafford Loans—Subsidized Stafford Loans and Unsubsidized Stafford Loans. On both repayment begins six months after you graduate (in-grace), drop below half-time or leave school. The real difference is whether you or the federal government pays the interest on the loan while you are in school, in-grace or during any authorized period of deferment. Read on to see if you qualify.

• Subsidized Stafford Loan: Currently the interest rate is 4.5% and the federal government pays the interest while you’re in school, in grace, or any authorized period of deferment. Eligibility is based on family income, assets, cost of attendance and any financial aid you may receive. Loan limits are set by the federal government under Title IV of the Family Education Loan Program.
• Unsubsidized Stafford Loan: Currently the interest rate is 6.8% and you are responsible for paying the interest that accrues while in-school, in-grace, or during any authorized period of deferment. Eligibility is based on family income, assets, cost of attendance and any financial aid you may receive. Loan limits are set by the federal government under Title IV of the Family Education Loan Program.

PLUS Loans

• Parent (PLUS) Loans – Parent (PLUS) Loans are available to parents of undergraduate students and approval is based on the parent’s and student’s credit history. The amount that is available to borrow is based on the cost of attendance minus any financial aid you may receive. PLUS loans are fixed at 7.9%.* Parent(s) are responsible for the interest from the date of disbursement, and repayment begins 60 days from the last disbursement.
• Graduate/Professional (PLUS) Loans – Graduate/Professional (PLUS) Loans are available to graduate and professional students and approval is based on student’s credit history. The loan is based on cost of attendance, less any other financial assistance that is received. Students are responsible for all interest beginning from the date of disbursement, and repayment begins 60 days from the last disbursement. This loan, too, is a fixed rate loan starting at 6.8%.* Loan limits are set by the federal government under Title IV of the Family Education Loan Program.

Consolidation Loans

A Consolidation Loan allows you to combine one or more of your federal education loans into a new loan that offers you several advantages such as one monthly payment, flexible repayment options, and reduced monthly payments. For more information, visit www.dl.ed.gov.