Student Loans

Eligibility

• The U.S. Department of Education processes the FAFSA (Free Application for Federal Student Aid), and calculates an EFC (Estimated Family Contribution) from income and asset information provided by the student.
• The results are transmitted electronically to all schools whose codes were listed by the student on the FAFSA.
• Upon receipt of the electronic information, the University applies the appropriate Cost of Attendance budget and deducts the EFC and the value of all free aid (e.g., scholarships, grants and waivers) from the budget.
• The remaining balance is the student's unmet need which is used in determining additional aid for which the student might be eligible.

Entrance Loan Counseling

If you are a first time borrower OR previously borrowed Federal Stafford loans and paid them in full, you MUST complete an Entrance Counseling Session before you can receive loan funds.

Federal Family Education Program

• FEDERAL STAFFORD SUBSIDIZED LOAN

The amount borrowed through the Stafford subsidized loan program, which is need based and interest free until repayment, is limited to the student's unmet need or $8,500, whichever is less.  The interest rate on this loan is a fixed 6.8%.

• FEDERAL STAFFORD UNSUBSIDIZED LOAN

Loans borrowed through the Stafford unsubsidized loan program are not based upon need, but in combination with the other aid, cannot exceed the student's budget. Stafford unsubsidized loans accrue simple interest, which is capitalized onto the principal at the time of repayment.   The interest rate on this loan is a fixed 6.8%.

The amount borrowed through the Stafford unsubsidized program or through a combination of the Stafford subsidized and unsubsidized programs may not exceed $20,500 per year. 

• GRADUATE PLUS LOAN
  • If a balance remains after the federal loans and all other aid have been deducted from the budget, the student is eligible to apply fora Graduate Plus loan program to cover the remaining balance only.
  • The Graduate Plus Loan is based upon personal credit history.
  • The interest rate on this loan is a fixed 8.5%.