Loan Programs

Below is brief comparison of the four types of student loan programs available. The interest rates listed here are effective through June 30th, 2014. This page will be updated with 2014-15 interest rates once they become available.

Loans Options Eligibility Requirements & Terms Yearly Amounts Application Requirements
Federal Perkins Loan Fixed 5.0% interest rate. No fees. Awarded to students with exceptional financial need. Interest and repayment are deferred until nine months after a student ceases to be enrolled at least half-time. More information Range from $500 to $3,000.
  • Free Application for Federal Student Aid (FAFSA).
Federal Student Direct Loans Fixed interest rate. Subsidized and Unsubsidized loans have an interest rate of 4.66%. The interest rate will change to 4.29% on July 1, 2015. Federal Direct loans have a 1.073% origination fee.

A subsidized loan is awarded on the basis of need. The federal government pays all interest on the loan while the student is enrolled at least half time.

An unsubsidized loan is not based on financial need. The student is responsible for all interest associated with the loan.

Repayment for both types of Federal Direct Loans begins six months after the student is no longer enrolled at least half-time.
Varies by year in school.
Direct Parent PLUS Loans Fixed 7.21% interest rate. The interest rate will change to 6.84% on July 1, 2015. PLUS loans have a 4.292% origination fee.

PLUS loans enable parents with good credit histories to borrow to pay the educational expenses of their dependent children. Generally, repayment begins 60 days after the loan is fully disbursed.
Up to the student's cost of education, less any other financial aid received.
Private Student Loans Private student loans enable students to borrow to pay educational expenses beyond what is available through government loan programs. Interest rates and fees are variable and the loan usually requires a co-signer. Terms and conditions vary and are subject to change. Students are highly encouraged to compare lenders and limit private borrowing whenever possible. Up to the student's cost of education, less any other financial aid received.
  • Once you and your family have considered federal loan options, you can review various student loan lenders online. The application process will vary from lender to lender. Please begin the application process with the lender. They will notify our office if we need to provide additional information.

For more information regarding Parent PLUS Loans and Private Student Loans, please review this PDF Brochure.

Additional Information