Loans
Undergraduate Catalog 2008-2010 PRINT PAGE

Federal Perkins Loans are need-based, low-interest loans provided, based on funds available, to full-time or part-time undergraduate and graduate students who demonstrate financial need. Repayment to the school begins nine months after the recipient graduates, leaves school, or drops below half-time enrollment.

Subsidized Federal Stafford Loans are need-based, low-interest loans provided to eligible undergraduate and graduate students attending at least half-time. Lenders include banks, credit unions, savings and loan associations, and other participating lenders. The U.S. Department of Education pays the interest on the loan while the student is in school at least half-time. Repayment to the lender or loan holder begins six months after the recipient graduates, leaves school, or drops below half-time enrollment.

Unsubsidized Federal Stafford Loans are non-need-based, low-interest loans provided to eligible undergraduate and graduate students attending at least half-time. The student must first be determined ineligible for a Subsidized Federal Stafford Loan. Lenders include banks, credit unions, savings and loan associations, and other participating lenders. The U.S. Department of Education does not pay the interest on the loan. Repayment to the lender or loan holder begins six months after the recipient graduates, leaves school, or drops below half-time enrollment.

All first-time borrowers must have an entrance interview before loan funds can be disbursed. An exit interview is required each time loan recipients graduate, leave school, or drop below half-time enrollment.

Federal Parent Loans for Undergraduate Students (PLUS are non-need-based loans available to creditworthy parents of dependent undergraduate students attending at least half-time. Repayment to the lender or loan holder begins within 60 days of final disbursement.