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Federal and State Aid

Student and Parent Loans

Stafford Loans

Subsidized Stafford Loans are limited to the amount of demonstrated financial need or annual loan limit. "Subsidy" is provided by the federal government paying the interest while the student is enrolled at least half-time. There is an origination fee of 1.073% taken from the loan prior to disbursement, this rate applies to loans issued on or after October 1, 2014.  Beginning July 1, 2012 and prior to July 1, 2014, the “subsidy” is removed during the six month grace period prior to repayment. Current interest rate is 4.66%.

Unsubsidized Stafford Loans are awarded to assist with educational expenses, but are not limited to demonstrated financial need. The interest is not paid by the federal government and is the responsibility of the student. There is an origination fee of 1.073% taken from the loan prior to disbursement, this rate applies to loans issued on or after October 1, 2014. 

Payment is deferred on both Subsidized and Unsubsidized Stafford Loans while the student is enrolled at least half-time. Other provisions common to both Subsidized and Unsubsidized Stafford Loans include annual loan limit, aggregate loan limit, interest rate and fees, disbursements, and repayment. Current interest rate is 4.66% for undergraduate students and 6.21% for graduate/professional students.

Parent PLUS Loan

Parent Loan for Undergraduate Students.  This is a credit-based loan for parents of dependent undergraduate students.  Parents can borrow for their student's educational costs.  Maximum eligiblity is the cost of attendance less other financial aid. Origination fee for this is 4.292% and is taken from the loan prior to disbursement, this rate applies to loans issued on or after October 1, 2014. Current Interest rate is 7.21%.

Graduate PLUS Loan

Credit-based loan that graduate students can apply for if needed.  The maximum eligibility is the cost of attendance less other financial aid. Origination fee for this is 4.292% and is taken from the loan prior to disbursement, this rate applies to loans issued on or after October 1, 2014. Current Interest rate is 7.21%.

Annual Loan Limits:

  Dependent Students* Independent Students
Freshmen (0-29 earned credits) $5,500 $9,500
Sophomore (30-59 earned credits) $6,500 $10,500
Junior (60-89 earned credits) $7,500 $12,500
Senior (90+ earned credits) $7,500 $12,500
Graduate N/A $20,500
*Dependent students whose parents are denied a Parent PLUS Loan are eligible for Annual Loan Limits equivalent to an Independent Student

Aggregate Loan Limit

The maximum (sum total outstanding) loan limit for a dependent undergraduate is $31,000, for an independent undergraduate is $57,500, and for a graduate student is $138,500.

Interest Rate and Fees

On October 1, 2014, the Interest Rate for undergraduate Subsidized Stafford Loans is 4.66% fixed during in-school, deferment or grace periods. Interest rate for undergraduate Unsubsidized Loans is 4.66%  and for graduate Unsubsidized Loans is 6.21% fixed. For all Direct Subsidized Loans and Direct Unsubsidized Loans for which the earliest disbursement date is on or after October 1, 2014, the origination fee is 1.073%, and is taken at disbursement. 

Beginning July 1, 2012 and prior to July 1, 2014, the “subsidy” is removed during the six month grace period prior to repayment.

PLUS Loans allow credit-worthy parents of dependent students and credit-worthy graduate students to borrow funds to cover the difference between total cost of attendance and all financial assistance the student may receive each year. Under current regulations, the interest rate for all PLUS Loans is 7.21%. The PLUS Loan origination fee is 4.292%. Interest does begin to accrue immediately upon disbursement of PLUS loans, but payments can be deferred while the student is enrolled at least half-time.

Repayment

Repayment for all Stafford loans is deferred until 6 months after the student stops attending school at least half-time. Complete repayment and deferment provisions are provided in entrance and exit counseling.

PLUS Loans allow credit-worthy parents of dependent students and credit-worthy graduate students to borrow funds to cover the difference between total cost of attendance and all financial assistance the student may receive each year. Under current regulations, the interest rate for all PLUS Loans is 7.21% fixed. The PLUS Loan origination fee is 4.292%. Interest does begin to accrue immediately upon disbursement of PLUS loans, but payments can be deferred while the student is enrolled at least half-time.

Entrance Counseling, Master Promissory Note and Exit Counseling

Students are required to complete entrance counseling and the Master Promissory Note in order to recieve the Stafford Loan. Students are highly encouraged to complete the exit counseling when they graduate or leave the university. A link to all of those processes is available here: Federal Student Loans

Private Student Loans

Are available that can supplement your eligibility through the Federal Stafford and PLUS loan programs. Available from many lenders, Private Alternative Loans contain payment and deferment provisions similar to the Federal Loans, however the interest rate and origination fees may be different. Unlike the Federal Stafford Loans, Private Alternative Loans are credit-qualified loans.