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Loans

For information on updated interest rates and origination fees for federal loans, please visit the Federal Student Aid website

2018-2019 Loan Interest Rates & Loan Limits

 

Federal Direct Subsidized Stafford Loans

  • Available to undergraduate students with financial need.
  • The amount is determined based on your cost of attendance and other financial aid you receive
    • The amount may not exceed your financial need.
  • The U.S. Department of Education pays the interest on a Direct Subsidized Loan
    • while you’re in school at least half-time,
    • for the first six months after you leave school (referred to as a grace period*), and
    • During a period of deferment (a postponement of loan payments).

 Federal Direct Unsubsidized Stafford Loans

  • Available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
  • The amount is determined based on your cost of attendance and other financial aid you receive.
  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. 
    • If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

 Federal Direct PLUS Loans

  • Provides parents the chance to borrow an amount up to the cost of attendance, minus all financial aid and scholarships received.
  • The interest rate is fixed at 7.00% with a 4.264 percent origination fee.
  • Repayment begins 60 days after disbursement of the loan.
  • However, the principal amount of the loan may be deferred while the student is in school and up to six months after the student leaves school or is enrolled less than half-time.
  • Parents can contact the federal government at 1-800-848-0979 for information about this deferred repayment option.