Exhaust your options for scholarships, grants and work study first. If loans are a last resort, make sure not to borrow more than you need. Use our billing calculators (1st year billing calculator; Current Student billing calculator) when determining how much you need to borrow. There are steps you must complete in order to receive your loans, feel free to contact us if you have questions about these requirements.
Federal Loans
Federal Direct Student Loans
Federal Direct Loans are available to students by filing the Free Application for Federal Student Aid (FAFSA) to determine your eligibility. There are two types of Federal Direct Loans:
- Subsidized: Subsidized loans do not accrue interest while the student is in school or while the student is in their grace period. The interest rate for subsidized loans disbursed between July 1, 2025 and June 30, 2026 is 6.39% with a 1.057% fee.
- Unsubsidized: Unsubsidized loans accrue interest while the student is in school and during their grace period. The interest rate for unsubsidized loans disbursed between July 1, 2025 and June 30, 2026 is 6.39% with a 1.057% fee.
Once a Federal Direct Loan is disbursed, a loan servicer is assigned who handles billing and other services. While payment on these loans is not required until after a student graduates, drops below half-time enrollment status, or withdraws from the college for more than six months, it is helpful to know who your loan servicer is. You can find out who your loan servicer is by logging into your account on the Federal Student Aid website.
Federal Direct Parent PLUS Loans
The Federal Direct Parent PLUS Loan is a loan program designed to be used by the parents of dependent students to help pay for their education. Financial need is not required to qualify and loans are issued through the federal Direct Loan Program.
Parents who are borrowing under the Parent PLUS loan program for the first time will be required to complete an electronic Master Promissory Note.
- Application: The 2025-26 PLUS Loan application is available now on the Federal Student Aid website
- Applications for the 2026-27 academic year will be available in late June 2026
- Interest rate: 8.94% for loans disbursed between July 1, 2025 and June 30, 2026
- Loan fee: 4.228%
IMPORTANT: Update to Borrowing Limits
The One Big Beautiful Bill Act (OBBA) establishes new borrowing limits for the Parent PLUS Loan. Beginning July 1, 2026, borrowing through this program is limited to $20,000 per year per student. Additionally, it establishes a lifetime borrowing limit of $65,000 per student.
The lifetime limit does not allow for borrowing the full $20,000 per year for four years. Families planning to use the Parent PLUS Loan across multiple years should monitor borrowing carefully. If the lifetime limit is reached, private loans may be an option for additional borrowing.
Private Loans
When federal loans and other aid do not cover your cost of education, external or private educational loans are available. Our historical lender list, hosted by ELMSelect, is intended to be a starting point as students and parents begin their lender search. If you borrow from a private lender and prefer to self-certify for the loan proceeds, you may download and use the Private Education Loan Applicant Self-Certification form as published by Federal Student Aid.