Loans
Loans are awarded after eligibility for grants, scholarships, and Federal Work-Study (FWS) are determined. Your financial aid package may include loans in the form of need based and/or non-need based financial aid.
Need Based Loans
* Federal Perkins Loan
* Direct Federal Subsidized Loan 2010 - 2011
Non-Need Based Loans
* Direct Federal Unsubsidized Loan 2010 - 2011
* Direct PLUS Loan 2010 - 2011
Other Loans
* Alternative Educational Loans
* Emergency/Short term (30 day) Loan
Stafford and Direct Loans
There are two types of Stafford and Direct loans:
Subsidized - Need Based. The government pays the interest while the student is attending, in the grace period or deferment.
Unsubsidized - Non Need Based. Interest accrues on loan while in school.
Direct Loan Interest Rates
For more information regarding Direct Loans Interest rates click the following link.
Current interest rates
For subsidized and unsubsidized loans first disbursed between July 1, 1998, and June 30, 2006, the interest rate for the period July, 2009, through June 30, 2010, is 2.48% for loans in repayment and 1.88% during in-school, grace, and deferment periods. Similarly, for PLUS loans loans disbursed between July 1, 1998, and June 30, 2006, and interest rate is now 3.28%.
The interest rate for new subsidized and unsubsidized loans first disbursed on or after July 1, 2006, is a fixed 6.80% with these exceptions: subsidized undergraduate loans first disbursed between July 1, 2008, and June 30, 2009 (inclusive), have an interest rate of 6.00%; those disbursed between July, 2009, and June 30, 2010, have a rate of 5.60%. This will be further reduced in coming years. The interest rate for PLUS loans first disbursed on or after July 1, 2006, is a fixed 7.90%. For Direct consolidation loan interest rate, click the following link for more information.
Description of repayment
There are several repayment plans: standard, extended, graduated, and income contingent. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. Consolidation loans also have varying repayment plans. Use the links below to determine your repayment amounts under each of the different plans. Effective July 1, 2009, there is now a new repayment plan: income-based repayment.Standard, extended, and graduated repayment plan calculator
Income contingent repayment plan calculator
Income-based repayment plan calculator
Direct consolidation loan calculator