Loans

FEDERAL DIRECT SUBSIDIZED STAFFORD LOAN. This is a need-based loan available to undergraduate and graduate students. The student may borrow up to $3,500 for the first year of undergraduate study; $4,500 for the sophomore year; $5,500 for subsequent undergraduate study; the federal government will guarantee the loan and subsidize the interest for applicants while they are in school and qualify. For subsidized loans disbursed on or after July 1, 2019, and before July 1, 2020 the interest rate will be 4.53 % for undergraduate loans. Repayment will begin six months after the student’s enrollment level drops below half-time.

FEDERAL DIRECT PLUS LOANS. This is a non-need based loan available to dependent students’ parents to help with the direct and indirect costs of attending a university. For direct plus loans disbursed on or after July 1, 2019, and before July 1, 2020, the interest rate is 7.08%.

FEDERAL DIRECT GRAD PLUS LOANS. This is a non-need based loan available to graduate and professional students to help with the direct and indirect costs of attending a university. For grad plus loans disbursed on or after July 1, 2019, and before July 1, 2020, the interest rate is 7.08%.

FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOAN. This is a non-need based loan available to undergraduate and graduate students. The student may borrow up to $5,500 for the first year of undergraduate study; $6,500 for the sophomore year; $7,500 for subsequent undergraduate study; and $20,500 for graduate study. For unsubsidized loans disbursed on or after July 1, 2019, and before July 1, 2020 the interest rate will be 4.53 % for undergraduate students and 6.08% for graduate or professional students.

ADDITIONAL FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOAN. This is loan available to independent students or dependent students whose parents have been denied a Direct PLUS Loan due to their credit history.