Federal Loans & Grants

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and mortgages. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study or because you’re having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years.
 
Note: You must complete and submit a Free Application for Federal Student Aid (FAFSA) before we can determine your eligibility for federal loans. If you submit your Federal Student Loan application before your FAFSA, you may be denied aid.

Loan Types 

Subsidized loans are available to students who meet certain financial-need criteria. If you qualify for this type of loan, the federal government will pay the interest on the loan while you are in school, during a six-month grace period after you leave school, and during periods when you are authorized to defer your loan payments.
 
Unsubsidized loans are available to students who meet certain financial-need criteria. If you qualify for this type of loan, you are responsible for the interest that accumulates on an unsubsidized loan while you attend school, during the grace period and during any periods when you are authorized to defer your loan payments. You have the option to pay the interest during these periods or postpone payment. If you postpone payment, the interest will be added to your principal balance. This addition of interest to your principal balance is known as capitalization.
 
PLUS Loans are loans parents can obtain to help pay the cost of education for their dependent undergraduate children.

Important Loan Information

Eligibility
Learn more about eligibility
.

Loan Limits
Federal law specifies annual loan limits on Stafford loans based on your year in college and your dependency status.
Freshmen: $ 3,500
Sophomores: $ 4,500
 
Grace Period
Federal Stafford loans provide a grace period of six months after you leave school or drop below half-time enrollment before you must begin repaying your loans. The grace period begins immediately following the day you stop attending school at least half-time and ends on the day before the repayment period begins. Once the initial grace period is used, any loans taken thereafter will go into repayment the day you stop attending at least half-time.

First-Time Borrowers
If this is the first time you have taken out a loan, you will be required to attend class for 30 days before receiving your first disbursement.

Multiple Disbursements
Your loan must be distributed in multiple disbursements. Generally, this means you will receive equal portions of your loan each semester, except if your loan is only one semester in length. If one semester, then generally the loan will be split into two disbursements in that semester.
 
Enrollment
You must be enrolled in the proper number of credits before a check will be disbursed. You must maintain at least half-time enrollment (a minimum of 6 credits) throughout the loan period to receive the funds. You should be aware that if you enroll in fewer credits than you originally planned, your loan eligibility may be reduced. You also must maintain satisfactory progress toward your degree.

In-School Deferment
As long as you continue to enroll at least half time, you qualify to postpone payment on the loan principal. You need to process a deferment form if you do not continue to borrow in future years to verify for your lender that you are still enrolled. Contact your lender directly for a deferment form.

Apply Now

Apply for a loanNote: You must complete and submit a Free Application for Federal Student Aid (FAFSA) before we can determine your eligibility for federal loans. If you submit your Federal Student Loan application before your FAFSA, you may be denied aid.

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