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 Student Loans
Direct Stafford Loans are available by filing the Free Application for Federal Student Aid (FAFSA) to determine your eligibility. There are two types of Direct Stafford 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, 2020 and June 30, 2021 is 2.75 percent.
- 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, 2020 and June 30, 2021 is 2.75 percent.
Parent PLUS Loans
The Parent PLUS Loan is designed to be used by the parents of dependent students. Eligibility for this loan program is not based on financial need and the loans are processed through the 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. The 2020-21 PLUS Loan application is now available on the Direct Loan website. The interest rate for PLUS loans disbursed between July 1, 2020 and June 30, 2021 is 5.30 percent with a 4.28 percent fee. Information about PLUS loan applications for the 2020-21 academic year will be available beginning June 15, 2020.
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.