A loan is a type of aid that must be repaid. Students and parents both may borrow loans to help cover college costs. The type and amount of loan for which a student is eligible depends on the student's financial need, class level, and previous borrowing history.
If a FAFSA (Free Application for Federal Student Aid) is completed, our office will consider the student for federal student loans, including the Federal Stafford Loan. Borrowers are required to sign a separate promissory note before loans will be disbursed. This promissory note will give details about the responsibilities a borrower incurs by agreeing to borrow and repay these loans.
If additional loans are needed, parents and graduate students may apply through our website for the Federal PLUS Loan, or students may apply for a private student loan. These loans require separate applications each year, and students must meet all regular financial aid eligibility requirements for the loan to be processed.
Changes to Federal Direct Loan programs beginning July 1st, 2012:
Undergraduate students
- The interest rate on subsidized Stafford loans increases to 6.8%.
- The origination fee rebate for Stafford and Parent PLUS loans will be discontinued.
Graduate students
- Subsidized Federal Stafford loans will no longer be available to graduate students.
- The origination fee rebate for Stafford and Graduate PLUS loans will be discontinued.