For students with financial need, there are a number of federal loans available. These loans are designed to make paying for education easier, and are extended to both students and their parents. With a federal loan, you can obtain low interest rates and pay back what you owe at a manageable pace. Some loans allow you to defer payments until after graduation. It's the help you need to make a smart investment in a strong education.

An introduction to the loans available...

Federal Perkins Loan
The Perkins loan is a federal loan that must be repaid. It is awarded based on the student's need and the availability of funds. The Perkins loan has a fixed interest rate of five percent. Interest begins accruing only after the student is no longer in school. You will have to begin repaying the Federal Perkins loan nine months after graduation, or after you are no longer enrolled in a minimum of six credit hours.

Subsidized and Unsubsidized Stafford Loans
The Subsidized Stafford Loan is a federal loan that must be repaid. Eligibility for a Subsidized Stafford loan is based on calculated need, as determined by the FAFSA. "Subsidized" means that the interest is paid by the government while the student is enrolled in school.

The Unsubsidized Stafford Loan is also a federal loan that must be repaid. "Unsubsidized" means that interest will accrue while the student is enrolled in school. The student can choose to pay the interest while in school, or defer the interest and have it added to the principal balance.

Unsubsidized Stafford Loans are awarded when the student is not eligible for the Subsidized Stafford loan, but still has financial need.

The priority processing deadline for Stafford Loans is April 1 for the Fall/Spring semesters and May 1 for the Summer semester.

Federal PLUS Loan Program
The PLUS loan is available for parents of dependent undergraduate students. It is a federal loan that must be repaid. Eligibility is based on credit history, as determined by federal guidelines and the lending institution.

PLUS loans disburse in two installments, half in the fall and half in the spring. Federal PLUS loan repayment begins sixty days after the second disbursement of funds (usually in the spring term).

More Information on Loans
For more information how to qualify and apply for loans, please click here.

Alternative Loans
If you need additional funds for school expenses, alternative loans are available. These loans should only be considered after exhausting all other means of payment.

Unlike federal loans, which are based on the student's needs as determined by the FAFSA, alternative loans are based on a student's credit history. They usually carry a higher interest rate. These interest rates are not mandated by the federal government, and can increase without a cap limit.

Click here for more information on student loan providers.