FEDERAL LOANS
Federal loans typically offer lower interest rates and more flexible repayment options than private loans.
Your eligibility for federal loans is determined through the FAFSA (Free Application for Federal Student Aid), which must be completed for each academic year you wish to receive aid.
Before you receive your loan funds, you must complete entrance counseling and sign a Master Promissory Note (MPN).
TYPES OF FEDERAL DIRECT LOANS
Click the plus sign (+) next to each type of loan to display more information.
The Federal Direct Subsidized Stafford Loan is awarded on the basis of a student's financial need and other specific eligibility requirements.
The federal government does not charge interest on these loans while borrowers are enrolled in school at least half-time, during a six-month grace period, or during authorized periods of deferment.
Payments are not required while borrowers are enrolled in school at least half-time, during a six-month grace period, or during authorized periods of deferment.
Students apply for this loan through the FAFSA.
This loan is subject to an origination fee that is set by the U.S. Department of Education.
The Federal Direct Unsubsidized Stafford Loan is not based on a student's financial need, but students must also meet specific eligibility requirements.
Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal).
Payments are not required while borrowers are enrolled in school at least half-time, during a six-month grace period, or during authorized periods of deferment.
Students apply for this loan through the FAFSA.
This loan is subject to an origination fee that is set by the U.S. Department of Education.
The Federal Direct Parent PLUS Loan for an undergraduate student is not based on financial need and is limited to a parent borrower for a dependent student.
A parent is currently defined as a person's natural or adoptive mother or father, step-parent, or legal guardian.
Students apply for this loan through the FAFSA, but parents must complete an additional application , pass a credit check, and meet eligibility requirements.
This loan is subject to an origination fee that is set by the U.S. Department of Education.
The Federal Direct Graduate PLUS Loan for a graduate student is not based on financial need and is limited to a graduate/professional student.
Students apply for this loan through the FAFSA, as well as through an additional application. To qualify, students are required to pass a credit check and meet eligibility requirements.
This loan is subject to an origination fee that is set by the U.S. Department of Education.
FEDERAL LOAN PERIODS
A loan period is the academic period of enrollment a federal student loan is intended for, certified, and can be disbursed.