Loans

• Federal Perkins Loans are low-interest (5 percent) loans for undergraduates who demonstrate exceptional financial need. Students who graduate, withdraw, or cease at least half-time enrollment will have a nine-month grace period before repayment begins.
• William D. Ford Federal Direct Loan offered by the federal government includes both Subsidized and Unsubsidized Direct Loans. Eligibility for the Subsidized Federal Direct Loan is determined on the basis of need as measured by the FAFSA and requires no payment of principal until six months after the student ceases half-time enrollment, withdraws, or graduates. Unsubsidized Federal Direct Loans substitute for the EFC, up to the maximum per grade level, and require payment of interest only during periods of enrollment and the six-month grace period. The option of deferring these interest payments through capitalization is available.  The Federal Direct Student Loan interest rate is 4.29% for loans first disbursed on or after July 1, 2015 and prior to July 1, 2016. A direct loan origination fee will be deducted from each disbursement.

The following chart shows Direct Loan amounts based on credits earned:

Additional Unsubsidized Federal Direct Loan funds are available to independent undergraduate students. Freshmen and sophomores may request up to $6,000, while juniors and seniors may request up to $7,000. Dependent students whose parents have been denied a Federal Direct PLUS Loan may also apply for these additional unsubsidized funds.

Federal Direct PLUS Loans are available to parents who have no adverse credit history. Repayment of a PLUS loan generally begins within 60 days of disbursement.  The interest rate for For PLUS loans that are first disbursed on or after July 1. 2015 and before July 1, 2016 is 6.84%.