A loan is money that you borrow and must pay back with interest. If you apply for financial aid, you may be offered loans as part of your financial aid award.
Federal Direct Loans (formerly known as Stafford Loans)
- Requires completion of the Free Application for Federal Student Aid (FAFSA)
- Must be enrolled at least half-time
- Long term, low interest
- Do not require a cosigner
Federal Direct Subsidized Loans
- Repayment deferred while student remains in school at least half-time
- U.S. Department of Education pays interest while student remains in school at least half-time, and for 6 months after student leaves school
- Maximum $3,500 first-year students; $4,500 second-year students; $5,500 third-, fourth-, and fifth-year students
- Eligibility based on financial need and determined by the Office of Financial Aid
Federal Direct Unsubsidized Loans
- All eligible students receive a base Unsubsidized Stafford loan
- Student responsible for interest during all periods (including while in school)
- Combined maximum Subsidized and Unsubsidized $5,500 first year students; $6,500 second year students; $7,500 third , fourth-, and fifth-year students
Federal Direct Parent Loans for Undergraduate Students (PLUS Loans)
- Federal loan program available to parents of dependent undergraduate students
- Annual cost of attendance minus other aid per eligible student
- Fixed interest rate and repayment schedule
- Parents can request deferment of payments while the student is enrolled in school
- For more information regarding Federal Direct PLUS Loans, visit www.StudentLoans.gov
Alternative Loan Programs
Alternative Loans are private loans designed as an additional way to finance the costs of higher education when federal loan options are exhausted. They are offered through private lenders whose loans are not associated with federal student loan programs. Because of this, terms and conditions vary greatly. Typically, private loans are credit-based. There are options for both student and parent borrowers, but most students will need a cosigner to participate. These programs offer both fixed and variable interest rate products with the ability to defer the payment of principal while the student is enrolled in school. FASTChoice helps you request the loan you determine is right for you by providing detailed information for various loans, as well as the terms and benefits offered by different lenders.
Please visit our Distance Education Page for more information.
For more information on loans and loan counseling contact:
Administrative Assistant / Work Study Coordinator
8:00 a.m to 4:30 p.m.