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 Direct Student 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, 2022 and June 30, 2023 is 4.99 percent with a 1.057 percent 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, 2022 and June 30, 2023 is 4.99 percent with a 1.057 percent 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 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 2022-23 PLUS Loan application is now available on the Federal Student Aid website. The interest rate for PLUS loans disbursed between July 1, 2022 and June 30, 2023 is 7.54 percent with a 4.228 percent fee.
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.