Student loans

  • Federal Perkins Loans
  • Federal Stafford Loans
  • Federal PLUS Loans (parents)
  • Federal PLUS Loans (graduate/professional students)
  • Private loans

    Federal Perkins Loans - for undergraduate and graduate students

    The Federal Perkins Loan is awarded to students based on financial need. The student borrows directly from the college. Take a moment to review the loan terms before borrowing this loan.

    Interest rate: The interest rate is 5%.

    Fees: None

    Loan limits: The funds are very limited. The maximum loan for an undergraduate is $4,000 per year, graduate is $6,000 per year, $40,000 cumulative total for all degrees.

    Repayment: Begins nine months after the student graduates, withdraws, or drops below half-time status. The maximum length of repayment is 10 years.

    Back to top


    Federal Stafford Loans - for undergraduate and graduate students

    The Federal Stafford Loan is the largest and most commonly used student loan program. It has both a subsidized and unsubsidized option depending on the student's eligibility. Students may qualify for the subsidized Stafford loan if they show financial need. The federal government pays the interest on this loan while the student is in school, in grace, or when the loan is in deferment. Students without financial need may borrow under the unsubsidized Stafford loan program and are fully responsible for all interest charges. However, most lenders will defer the interest so you do not have to make payments while you're in school. Deferred interest accrues and is capitalized (added to the principal of the loan). Review the loan terms before considering this loan program.

    Interest rate: For undergraduate subsidized Stafford loans first disbursed on or after July 1, 2006, the interest rate is based on the first disbursement date.

    First Disbursement Date Fixed Interest Rate
    July 1, 2006 through June 30, 2008 6.80%
    July 1, 2008 through June 30, 2009 6.00%
    July 1, 2009 through June 30, 2010 5.60%
    July 1, 2010 through June 30, 2011 4.50%
    July 1, 2011 through June 30, 2012 3.40%
    On or after July 1, 2012 6.80%

    For all other Stafford loans first disbursed on or after July 1, 2006, the interest rate is fixed at 6.8%.

    Fees: A lender origination fee and a 1% federal default fee will be deducted from the loan amount. The origination fee for subsidized and unsubsidized Stafford loans is incrementally reduced as of each effective date indicated below. The lender may charge an origination fee up to the percentage listed.

    Loans first disbursed on/after Origination Fee
    July 1, 2006 2%
    July 1, 2007 1.5%
    July 1, 2008 1%
    July 1, 2009 0.5%
    July 1, 2010 0%


    Loan limits: If you have questions regarding which loan limits will apply to you, please contact your school's Financial Aid Office.

    These limits are applicable for loans disbursed on or after July 1, 2008.

    Federal Stafford Annual Loan Maximums¹
    DEPENDENT UNDERGRADUATES² Subsidized Unsubsidized Total
    First Year $3,500 $2,000 $5,500
    Second Year $4,500 $2,000 $6,500
    Third Year and Beyond $5,500 $2,000 $7,500
    Federal Stafford Aggregate Loan Maximums
    DEPENDENT UNDERGRADUATES $23,000 $31,000 $31,000

    Federal Stafford Annual Loan Maximums¹
    INDEPENDENT UNDERGRADUATES (and dependents whose parents are unable to borrow under the PLUS program) Subsidized Unsubsidized Total
    First Year $3,500 $6,000 $9,500
    Second Year $4,500 $6,000 $10,500
    Third Year and Beyond $5,500 $7,000 $12,500
    Students who are enrolled in a course of study necessary for enrollment in a program leading to a degree or certificate $2,625 $6,000 $8,625
    Students who have Baccalaureate Degrees and are enrolled in professional or degree-granting programs $5,500 $7,000 $12,500
    Students who have Baccalaureate Degrees and are enrolled in teacher certification programs $5,500 $7,000 $12,500
    Federal Stafford Annual Loan Maximums¹
    GRADUATE AND PROFESSIONAL STUDENTS $8,500 $12,000 $20,500
    Federal Stafford Aggregate Loan Maximums
    INDEPENDENT UNDERGRADUATES (and dependents whose parents are unable to borrow under the PLUS program) $23,000 $57,500
    (minus the amount of subsidized Stafford funds)
    $57,500
    Students who have Baccalaureate Degrees and are enrolled in professional or degree-granting programs $65,500 $138,500
    (minus the amount of subsidized Stafford funds)
    $138,500
    Students who have Baccalaureate Degrees and are enrolled in teacher certification programs $65,500 $138,500
    (minus the amount of subsidized Stafford funds)
    $138,500
    GRADUATE AND PROFESSIONAL STUDENTS $65,500 $138,500
    (minus the amount of subsidized Stafford funds)
    $138,500

    ¹ Certain health professions may qualify for higher limits.
    ² All undergraduate annual loan limits are subject to proration.

    Undergraduate 5-year Bachelor of Pharmacology students may borrow an aggregate amount of $70,625.

    Health professions students may borrow an aggregate amount of $224,000. Health professions students are defined as: "

  • Allopathic medicine programs accredited by the Liaison Committee on Medical Education.
  • Osteopathic medicine programs accredited by the American Osteopathic Association, Bureau of Professional Education.
  • Dentistry programs accredited by the American Dental Association, Commission on Dental Accreditation.
  • Veterinary medicine programs accredited by the American Veterinary Medical Association, Council on Education.
  • Optometry programs accredited by the American Optometric Association, Council on Optometric Education.
  • Podiatric medicine programs accredited by the American Podiatric Medical Association, Council on Podiatric Medical Education.
  • Pharmacy programs accredited by the American Council of Pharmaceutical Education.
  • Public health programs accredited by the Council on Education for Public Health.
  • Chiropractic medicine programs accredited by the Council on Chiropractic Education, Commission on Accreditation.
  • Health administration graduate programs accredited by the Accrediting Commission on Education for Health Services Administration.
  • Clinical psychology programs accredited by the American Psychological Association, Committee on Accreditation.

    Repayment: Repayment begins 6 months after student graduates, withdraws, or drops below half-time status. The student has up to 10 years to repay the loan at a minimum of $50 per month.
  • Back to top


    Federal PLUS Loans (parents) - for parents of undergraduate students

    The Federal PLUS Loan for parents is specifically designed for parents paying for college expenses for undergraduates. PLUS loan repayment differs from Stafford loan repayment. Take a moment to understand the following loan terms before you borrow this loan.

    Interest rate: The interest rate for PLUS loans first disbursed on or after July 1, 2006 is fixed at 8.5%.

    Fees: A 3% origination fee and a 1% federal default fee will be deducted from the loan amount.

    Loan limits: Parents may borrow up to the cost of education minus estimated financial aid. The parent borrower must be credit worthy.

    Repayment:

    Loans disbursed prior to July 1, 2008
    Repayment begins within 60 days after the loan is fully disbursed, while the student is still enrolled. Interest that accrues prior to the beginning of repayment can be paid monthly or quarterly, or added to the principal, not more frequently than quarterly. The parent borrower has up to 10 years to repay the loan with a $50 minimum monthly payment.

    Loans disbursed after July 1, 2008
    Repayment begins within 60 days after the loan is fully disbursed, while the student is still enrolled. However, parents may elect to postpone repayment until six months after the date that the dependent student for whom the loan was borrowed ceases to be enrolled at least half-time. Interest that accrues prior to the beginning of repayment can be paid monthly or quarterly, or added to the principal, not more frequently than quarterly. The parent borrower has up to 10 years to repay the loan with a $50 minimum monthly payment.

    Back to top


    Federal PLUS Loans (graduate/professional students)

    The Federal PLUS Loan for graduate/professional students is specifically designed to enable graduate/professional students to increase their federal financial aid at an affordable interest rate. PLUS loan repayment differs from Stafford loan repayment. Take a moment to understand the following loan terms before you apply for this loan.

    Interest rate: The interest rate is fixed at 8.5%

    Fees: A 3% origination fee and up to 1% federal default fee will be deducted from the loan amount.

    Loan limits: Before applying for a Federal PLUS Loan for graduate/professional students, the student must apply for and the school must determine the student's eligibility for the maximum annual subsidized and/or unsubsidized Federal Stafford Loan amount. However, a graduate or professional student is not required to receive Federal Stafford Loan funds as a condition for receiving a Federal PLUS Loan. Graduate/professional students may borrow up to the cost of education minus estimated financial aid. The student borrower must be credit-worthy.

    Repayment: Repayment begins within 60 days after the loan is fully disbursed, while the student is still enrolled. The borrower has up to 10 years to repay the loan with a $50 minimum monthly payment. However, as long as the borrower remains enrolled at least half-time, repayment may be deferred.

    Back to top

  •