Loans - The Simple Facts


Student - Federal Direct Student Loans

  • Student eligibility listed on Award Notification
    • Students must be enrolled at least half-time (six or more credit hours) to receive loan funds
    • Interest Rate on or after 7/1/18 and before 7/1/19
      • Subsidized – 5.05% fixed rate
      • Unsubsidized – 5.05% fixed rate
    • Fees on or after 10/1/17 and before 10/1/18
      • 1.066% origination fee
      • Calculate net amount received by the school
        Loan amount X .98934 = net amount received by the school
    • Payments begin six months after the student leaves school, graduates, or drops below half-time status

  • Student is the borrower
    • Complete online loan Entrance Counseling Session
    • Complete Loan Agreement (Master Promissory Note)

Parent - Federal Direct PLUS Loans

  • Parent eligibility listed on Award Notification
    • May borrow up to the cost of attendance minus all financial aid options
    • Interest Rate on or after 7/1/18 and before 7/1/19
      • 7.6% fixed rate
    • Fees on or after 10/1/17 and before 10/1/18
      • 4.264% origination fee
      • Calculate net amount received by the school
        Loan amount X .95736 = net amount received by the school
    • Payment begins 60 days after second (or last) disbursement for academic year
      • Deferment and/or forbearance options available                        
                                                             
  • Parent is the borrower
    • Parent Loan for dependent undergraduate student
      • Biological, adoptive or step-parent
    • Yearly application process
      • Complete Loan Application, Credit based loan, may apply with an Endorser

    • Complete Loan Agreement (Master Promissory Note)

    • Allows additional unsubsidized eligibility for undergraduate student

                   

Private Educational Loans

    • Loan in student’s name with credit worthy cosigner
    • Parent loans available
    • Variable and fixed interest rates
    • Lender specific benefits