Loans
The Federal Perkins Student Loan Program is provided, based on funds available, to students who demonstrate appropriate financial need and who are enrolled in six or more semester credit hours.All particulars of the program follow the most current requirements as defined by the federal government.
The Stafford Loan Program enables eligible students to borrow money directly from a bank, credit union, savings and loan association, or other participating lender which is willing to make the loan.Students and families are required to demonstrate financial need in order to qualify.The federal government pays the interest on the loan while the student is in school.Repayment begins six months after the student graduates or leaves school.
The Unsubsidized Stafford Student Loan is available to students to borrow directly from a bank, credit union, savings and loan association, or other participating lender which is willing to make the loan.It is not based on financial need; however, the student must first be determined ineligible for a Stafford Loan.
Independent Unsubsidized Stafford Student Loan is available to students to borrow directly from the same lending institutions as listed above.It is not based on financial need; however, the student must not have any eligibility remaining for the Stafford Loan, and the student's total financial aid must not have reached the cost of attendance for the University.
Note: The following requirements apply to all types of Stafford Loans - All loans must be issued in two or more payments.First-year students borrowing for the first time on the loan cannot receive the proceeds until 30 days after the start of the school term.All first-time borrowers must have an entrance interview before loan funds can be disbursed.All loan recipients must have an exit interviewatthe time ofgraduationor when leaving school for any reason.
Parent Loans for Undergraduate Students (PLUS) are available for parents to borrow forthe student. ThePLUSloancarries avariableinterestrateandthe parent goesintorepaymenton the loan 60 daysafter thecheckiswritten.The same lending institutions as listed for the Stafford Loan are available for the PLUS loan.
