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Loans

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.  Student loan promissory notes and disclosure statements should be kept in a safe place until all loans are paid in full.

2014-2015

Loan Borrower Requirements Loan Limits Initial
Fees
Int.
Rate
Interest
Rate
(07-01-14)
Grace period
FAFSA Co-signer
Federal Direct Student Yes No Varies per grade level
and dependency status

before Oct 1 1.072%

on or after Oct 1 1.073%

Fixed

Subsidized 4.66%

Unsubsidized 4.66%

6 months
Federal Perkins Student Yes No $5,500 None Fixed 5.0% 9 months
Federal Direct PLUS Parent Yes No Cost of education
minus other aid

 

4.288%

Fixed 7.21% 60 days
after
disbursement
Alternative Either No Varies Cost of education
minus other aid
Varies Varies Varies Varies