Federal Stafford Load Program
Under the Stafford Loan program, the student borrows money through a commercial lending institution. A student applies by completing a FAFSA (Free Application for Federal Student Aid) annually and in their first year, a MPN (Master Promissory Note) and Entrance Interview. Funds received through the Stafford Loan Program must be repaid starting six months after leaving school. A student may borrow a maximum of $20,500 per academic year. An academic year includes two trimesters. University Policy limits the maximum Stafford Loan per academic year to $18,500. Loans for less than a full academic year are pro-rated accordingly.

The Stafford Loans-subsidized or unsubsidized or both.

Subsidized

• Interest on a subsidized loan is paid by the Federal Government while the student is in school and during a six-month grace period before repayment begins. The interest on this loan is a fixed rate of 6.8 percent. The maximum amount a student may receive for each academic year is $8,500. To qualify for the Subsidized Stafford, students must meet the needs test.

Unsubsidized

• Interest on an unsubsidized loan is not paid by the federal government and therefore interest will accumulate on the loan while the student is in school. Unless the student makes payment on the interest while in school, the interest will be capitalized or added to the principle when the loan goes into repayment. The University encourages students to make interest payments while in school and during the grace period. The interest on this loan is a fixed rate at 6.8 percent. The maximum a student may borrow is $20,500 less the amount of the Subsidized Stafford Loan. University Policy limits the maximum Stafford Loan per academic year to $18,500. The Unsubsidized loan is not need-based.

Graduate Plus

Graduate or professional students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance including other Stafford Loans. Applicants are required to complete the Free Application for Federal Student Aid (FAFSA) and have a good credit history. The interest rate is 8.5%.

Private Education Loans

These loans are used to fund the remaining cost of attendance not covered by the other types of financial aid. Because these loans are guaranteed by private organizations, they are very expensive. Therefore, we strongly encourage students to only borrow what they absolutely need. Interest rates on private loans vary from program to program. Private loans are subject to origination and guarantee fees, which may either be deducted prior to disbursement of the funds or added to the loan balance.To qualify for a private loan, a student must demonstrate "credit worthiness" as defined by the lender. Applicants are encouraged to review their own credit report prior to applying for private loans. Credit reports can be ordered free via the web at www.annualcreditreport.com