Federal Direct Student Loans
Effective 2007-08, the Federal Direct Student Loan is available for students'
educational expenses at a fixed interest rate of 6.8%. The government
pays the interest on the need based subsidized loan as long as the
student is enrolled at least half time, during the grace period, and
authorized deferment periods. Eligibility for unsubsidized loans is not
need based and students and responsible for interest from the time of
disbursement.
|
Dependent Student
|
Independent Student
|
| Borrower's Academic Level: |
Total Amount Subsidized & Unsubsidized |
Base Amount Subsidized & Unsubsidized |
Additional amount Unsubsidized Only |
Total Amount Subsidized & Unsubsidized |
|
1st year undergraduate: full academic year
|
$3,500
|
$3,500 + $4,000 = $7,500
|
|
2nd year under-graduate: full academic year
|
$4,500
|
$4,500 + $4,000 = $8,500
|
| Subsequent years under-graduate: full academic year |
$5,500
|
$5,500 + $5,000 = $10,500
|
Federal Perkins Loan
The Federal Perkins Loan (5% interest) is available up to $2,000 per year to
students with financial need enrolled at least half-time and making
satisfactory academic progress. The FAFSA must be filed each year
in order to qualify. Due to limited availability, this loan is
normally used as a supplement to the Federal William D. Ford Student
loans for students in their freshman and sophomore years.
Other Loan Alternatives
- The Federal PLUS Loan for Parents is now available to parents of
students enrolled at least half time at a fixed interest rate of 8.5%.
Funding is available to meet the full cost of attendance less other
financial aid received. Funding is provided by a private lending
institution and is subject to credit approval. Contact the Office of
Student Financial Aid for information.
- Home equity loans, signature loans and additional alternative
loans are available from various loan agencies. Contact the Office
of Student Financial Services for more information.
Students may also search for further aid information available
on the Internet:
http://www.fastweb.com/
http://www.finaid.org/
http://www.collegeboard.com
|
Admissions 
