Loans
Financial Aid related material
- “Financing your Education” chart
- Co-borrower guide
- Scholarship page | Scholarship Application
- Link to FAFSA site
Student loans are a form of aid that needs to be repaid. There are many types of student loans, which may or may not be need-based. The financial aid office will determine your eligibility.
Why choose Federal Direct Stafford Loans?
- Low interest rate loan - 4.5% fixed for Subsidized, 6.8% for Unsubsidized
- 0.5% origination and default fee (accounts for 1% Upfront Direct LoanRebate)
- Repayment on the loans begins 6 months after the last date of attendance or when a student drops below half time
- The student has up to 10 years to repay this loan
- No credit check is required
| Dependent student 1 | Dependent student 2 | |
|---|---|---|
| 1st-year undergraduate | $5,500 (maximum $3,500 subsidized)
|
$9,500 ($3,500) 3 |
| 2nd-year undergraduate | $6,500 ($4,500) | $10,500 ($4,500)
|
| 3rd- and 4th-year undergraduate | $7,500 ($5,500) | $12,500 ($5,500)
|
|
Except those whose parents are unable to borrow a PLUS loan. These limits also apply to dependent students whose parents are denied a PLUS loan. The numbers in parentheses represent the maximum amount that may be subsidized. |
||
More Information
For more information and/or to apply, please visit www.studentloans.gov
Why choose Federal Direct PLUS
(Parent Loan for Undergraduate Student) Loans?
- Parent loan for dependent students
- Low interest rate loan - 7.9% fixed
- 2.5% origination and default fee (accounts for 1.5% Upfront Direct Loan Rebate)
- Option of postponing repayment until 6 months after student’s last date of attendance or when a student drops below half time
- The parent has up to 10 years to repay this loan
- Instant credit check
- Can borrow up to COA minus all other financial assistance
The up-front interest rebate on Direct loans is an incentive initiated by the U.S. Department of Education in 2000 to promote on-time loan payments.
For Direct Stafford loans the rebate is 1% of the amount borrowed.
For Direct Parent PLUS loans the rebate is 1.5% of the amount borrowed.
These rebates reduce the origination fee, which is deducted from the amount borrowed. To retain the up-front rebate, borrowers who are in loan repayment will need to make the initial 12 consecutive monthly payments on time. If you do not make these first 12 monthly payments on time, you will lose the rebate and the rebate amount will be added to your principal balance, which will increase the amount that you repay on the loan.
More Information
For more information and/or to apply, please visit www.studentloans.gov
Private Loans
Interest rates and repayment schedules vary by lender and credit checks are required for private loans. Having a cosigner may result in a lower interest rate. Sallie Mae offers loans to students to help supplement college costs not covered by federal financial aid.
Features of Sallie Mae Smart Option Student Loan
- Student is the primary borrower of the loan
- Cosigner may be required to obtain loan approval and/or to help lower interest rate
- Interest rate is based on borrower and cosigner’s credit
- Interest only payments while student is in school
- Borrowers may apply for cosigner release after successful completion of their education
- Instant credit check
- Repayment terms depend on loan amount
Why should I complete my Sallie Mae Smart Option Student
Loan application online?
- Instant credit check for approval
- Ensure application is completed correctly
- Ability to electronically sign application online
- Easily accessible by signing into your account
- Ability to send information to cosigner for easy cosigner application online
More Information and to apply, go to:
- Click ( left side of screen )
- Click
- Click
Find out more about the Sallie Mae Smart Option Student Loan®
For more details on federal and private loans visit the EdFund website.
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