FINANCIAL AID
Loans
Low-interest loans made by private lenders (banks, credit unions, etc.) selected by the student.
Subsidized loans are based on financial need (EFC number) and do not accrue interest while the borrower is enrolled in at least a half-time basis.
Unsubsidized loans accrue interest while the borrower is enrolled. The borrower may choose to repay the interest as it accrues while enrolled, or defer the interest to be repaid with the principal balance. Unsubsidized loans are not based on financial need.
A 6.8% fixed interest rate applies to Stafford loans disbursed after July 1, 2007. A variable interest rate not to exceed 8.25% applies to loans disbursed prior to this date. (Rates are federally set and are revisited every July 1).
First-time borrowers must complete a Master Promissory Note and an Entrance Counseling session before receiving loan proceeds.
* If you change your lender you will be required to sign a new master promissory note (MPN)
Fees may be charged by the lender or guarantor.
Shortly before graduation or upon cessation of enrollment on at least a half-time basis, borrowers must complete an Exit Counseling session.
Entrance and Exit Counseling can be done online at: www.mappingyourfuture.org.
Loans are awarded for fall and/or spring, and summer.
Maximum annual loan amounts are based on classification. You can view these limits at www.studentaid.ed.gov.
Low-interest loans made to parents of undergraduate dependent students by private lenders. An 8.5% fixed interest rate applies to all loans disbursed after July 1, 2007 with a variable rate not to exceed 9%.
These loans are available to credit worthy parents regardless of financial need. A credit check will be performed by the selected lender.
Amount borrowed may be up to the cost of education as determined by the school, less any other financial aid and resources. Loan origination fees are subject to be charged by selected lender.
Loans are awarded for fall and/or spring, and summer.
Repayment begins 60 days after loan is disbursed. Students whose parents’ credit is denied for a PLUS loan may be eligible for additional unsubsidized Stafford loans.