Federal Student Loans

Several types of federal student loans for college students and parents are available.

Federal Stafford Loan

Eligibility for federal student loans is based on the results of your FAFSA. Loans may be subsidized or unsubsidized depending on a number of factors, including but not limited to your financial need and other components of your financial aid award. You must be enrolled at least half time (6 credits) each semester to receive a Stafford Loan.

Stafford Loans have fixed interest rates. Repayment begins six months after you graduate or are no longer enrolled in college at least half-time.

Subsidized Stafford Loans will not accrue interest while you are enrolled in school at least half time. Unsubsidized Stafford Loans will begin accruing interest at the time of disbursement. Both types of loans will be assessed a 1% origination fee by the US Department of Education.

To apply for a Stafford Loan, you must first file a FAFSA. The Financial Aid Office will evaluate your eligibility for a loan. The amount you may borrow per academic year depends on your grade level and dependency status:

Dependent student

Freshman $5500, up to $3500 of which may be subsidized
Sophomore $6500, up to $4500 of which may be subsidized
Junior/Senior $7500, up to $5500 of which may be subsidized

Independent student

Freshman $9500, up to $3500 of which may be subsidized
Sophomore $10500, up to $4500 of which may be subsidized
Junior/Senior $12500, up to $5500 of which may be subsidized

You will receive an award letter and an entrance counseling form that you must sign and return. You must also complete a Stafford Subsidized/Unsubsidized Master Promissory Note (MPN) at www.studentloans.gov before we will receive your loan funds.

Federal Parent PLUS Loan

PLUS loans are available to parents who have a dependent student enrolled in college at least half time. The loans are guaranteed by the federal government. For loans beginning July 1, 2012, the interest rate is fixed at 7.9% with a 4% origination fee. Financial need is not a prerequisite for borrowing, but the parent must meet credit requirements. Repayment begins 60 days after the loan has been fully disbursed. The student must file a FAFSA to determine dependency status. To apply, the parent (borrower) can fill out an application here and submit it to the Financial Aid Office. The parent also needs to complete a Master Promissory Note (MPN) at www.studentloans.gov.

Interest Rates (for loans borrowed between 7/1/11 and 6/30/12)

Subsidized Stafford Loans 3.4% fixed
Unsubsidized Stafford Loans 6.8% fixed
Parent PLUS Loans 7.9% fixed

Interest Rates (for loans borrowed between 7/1/12 and 6/30/13)

Subsidized Stafford Loans 6.8% fixed
Unsubsidized Stafford Loans 6.8% fixed
Parent PLUS Loans 7.9% fixed

If federal loans are insufficient to meet your borrowing needs, you may wish to investigate the additional loan options on the Private Student Loan tab.