Loans

DIRECT SUBSIDIZED STAFFORD LOAN:

Low-interest, flexible repayment loan guaranteed by the U.S. government. This loan is need-based.

Maximum borrowing limit is: $3,500 for academic year #1

  • Repayment begins 6 months after you graduate or leave school.
  • Payments average $50 per month.
  • Length of repayment- Students may take up to 10 years to repay this loan (average repayment length is 5 years)
  • Interest begins accruing 6 months after you graduate or withdraw from school
  • Fixed interest rate – 4.66%
  • Fees charged – 1.073% of the loan amount. (Origination & Guarantee Fee)

DIRECT UNSUBSIDIZED STAFFORD LOAN:

Low-interest, flexible repayment loan guaranteed by the U.S. government. Maximum borrowing limits are:

Dependent Student: $2,000 for academic year #1

Independent Student: $6,000 for academic year #1

  • Repayment begins 6 months after you graduate or leave school.
  • Payments average $50 to $65 per month.
  • Length of repayment- Students may take up to 10 years to repay this loan (average repayment length is 5 years)
  • Interest begins accruing immediately after first disbursement is sent to the school.
  • Fixed interest rate- 4.66%
  • Fees charged – 1.073% of the loan amount. (Origination & Guarantee Fee)

PLUS LOAN (Parents Only):

Low-interest loans guaranteed by the U.S. government to allow parents to assist children in financing education. Maximum amount varies, but in most cases parents may borrow up to the student’s cost of attendance.

  • Repayment begins- usually 6 months after student’s start date.
  • Length of repayment- Parents may take up to 10 years to repay this loan (average repayment length is 5 years)
  • Interest begins accruing immediately after first disbursement is sent to the school.
  • Fixed interest rate- 7.21%
  • Fees charged – 4.292% of the loan amount. (Origination & Guarantee Fee)
  • Loan Requirement – Parent must pass a credit check.

How to apply:

  1. Complete and submit a FAFSA application by visiting www.fafsa.ed.gov
  2. Complete Entrance Counseling by visiting www.studentloans.gov
  3. Complete a Master Promissory Note by visiting www.studentloans.gov

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