2010-11 Academic Year

Investing in your future

For many students, scholarships and grants make up only part of their total financial aid package. Education loans are very useful in helping with college costs, but we encourage students to borrow only what they need and what they can afford to repay.

After applying for aid, you will receive a financial aid package, which will detail what types of loans you may be eligible for and how much you may need to borrow.

Loan Types

There are four different types of loans for which you may be eligible, each with their own advantages and limitations. In the following loan comparison table, click the name of the loan type for additional details and further instructions.

	Loan Types
	Loan  Borrower  Requirements Loan Limits Initial Fees Int. Rate Recent Rate  (07-01-10)  Grace period FAFSA Co-signer   Federal Direct     Student Yes No Varies per grade level  and dependency status   0.5%  Fixed Subsidized 4.5% Unsubsidized 6.8% 6 months   Federal Perkins Student Yes No $5,500 None Fixed 5.00% 9 months   Federal Direct PLUS Parent No No Cost of education minus other aid 2.5% Fixed 7.9% 60 days after disbursement   Alternative Either No Varies Cost of education minus other aid Varies Varies Varies Varies