Student Loans
Student loans are available through a number of federal and state programs. Loans differ in interest rates, terms of repayment, and provisions for in-school deferments. Student loans are not gift aid and must be repaid. Students must be enrolled in at least six hours to receive their loans.
Federal Direct Loan Program
The Federal Direct Subsidized Loan provides guaranteed student loans to students at a low variable interest rate. The Federal government pays the interest on these loans while the borrower is enrolled in school. Eligibility for a subsidized Federal Stafford Loan is determined through the FAFSA need analysis.
All other Federal loans are unsubsidized. This means that the borrower begins paying interest on the loan at the time the loan is made. In most cases, the principal can be deferred during enrollment periods. Unsubsidized loans can be used to meet the Expected Family Contribution (EFC) calculated in the FAFSA need analysis. The EFC is that portion of the student's family income which should be available to help pay a portion of the student's educational costs.
To qualify for loans, students must complete their entrance counseling, Master Promissory Note (MPN), and accept the loan amount. You have the right to accept all or a portion of your loans. Students or parents wishing to cancel loans or disbursements must complete the Cancellation Notice available in the Office of Student Financial Aid within 14 days of receiving their loan disbursement notice. More information about federal loans is available at studentaid.gov.