Based upon the completion of the Free Application for Federal Student Aid (FAFSA), students may qualify for a Federal Stafford Loan. The Federal government offers both Subsidized and Unsubsidized Federal Stafford Loans. These are loans created to help pay for education. The Office of Financial Assistance will determine the loan type(s) each student is eligible to receive, based upon FAFSA information.
Subsidized Federal Stafford Loan
- Loans disbursed after July 1, 2013, the interest accrues at a fixed 6.8 percent.
- Origination fee of 1.051 percent
- The Federal government pays the interest while the student is continuously enrolled at least half-time.
- Need based loan.
Unsubsidized Federal Stafford Loan
- Loans disbursed after July 1, 2012, the interest accrues at a fixed 6.8 percent.
- Oringination fee of 1.051 percent
- Student is responsible for paying all the interest after the loan is disbursed. Students have the option to pay the interest as it accrues or defer it as long as they are enrolled at least half-time.
- Not a need based loan.
Federal Perkins Loans
The Federal Perkins Loan program is a campus-based loan program that provides student loans at a fixed 5 percent interest rate to undergraduate students who demonstrate financial need based on their FAFSA application. Funds are limited, so priority is given to Freshman and Sophomore students who have submitted their FAFSA by March 15 and are a Federal Pell grant recipient.
Sometimes federal student and parent loans are not enough to cover all educational expenses. For this reason, students may consider applying for a private, alternative loan that may be used as a supplemental resource for paying college costs. Alternative Loans are unlike Stafford or PLUS loans, for they require a separate application, a credit check, and may require a co-signor. A variety of privately funded loans are offered. More information can be found on the FastChoice website. Code of Conduct
For more information on Student Loans please see the FAQ's.