Here are the basics that you need to know about Loans before deciding whether this is a Financial Assistance option you would like to pursue:
- Loans must be repaid with interest
- Student will have consequences for failure to repay.
- Available to undergraduate and graduate students
- PERKINS LOAN – Averages $2,000 yearly; student pays back beginning 6 months after leaving school (5% interest charge accrues during in school period possibly).
- WILLIAM D. FORD DIRECT SUBSIDIZED LOAN – Maximum amounts: $3,500 (freshmen), $4,500 (sophomore), $5,500 (junior and senior). $8,500 per year up to program cost (graduate). Student pays back after leaving school. Based on need.
- WILLIAM D. FORD DIRECT UNSUBSIDIZED LOAN – Same borrowing limits as the Stafford Loan except students incurs interest while enrolled; student pays back principal and interest after leaving school. Not based on need. Independent students may receive an additional Unsubsidized Stafford Loan of $4,000 per year (freshman and sophomore) and $5,000 per year (junior and senior). $10,000 per year up to program cost (graduate).
- FEDERAL DIRECT PLUS LOAN FOR UNDERGADUATE STUDENTS (PLUS) – Up to cost of attendance minus financial aid yearly; parent incurs this debt.
- ALTERNATIVE EDUCATIONAL LOANS – Loans made by private lenders for educational expenses. We will process these loans but all eligibility for Title IV Loans should be used first. You will need to provide us with all the information about the private lender you choose. You can research lenders on the web under Private Educational Loans.
*Student must fill out the FAFSA annually for these funds.
William D. Ford Direct Loans
PLUS Parent Loans
Master Promissory Note for Parent PLUS Loan
Disclaimer: Information contained on this site is subject to change without prior notification.
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