Undergraduate Loans

Federal Direct Parent Loan for Undergraduate Students (PLUS)
Federal Parent Loans are available for parents of undergraduate, dependent students. These loans would allow parents to borrow up to the cost of attendance minus financial aid received from other sources. Repayment begins within 60 days unless the borrower opts to defer payments and borrowers have ten years to repay the loan. These loans are obtained from the U.S. Department of Education and are not need-based. Contact the Financial Aid Office for current interest rates.

Federal Direct Subsidized Loan
Federal Stafford Subsidized loans are based on need as determined by the U.S. Department of Education's standard formula. The funds for these loans are obtained from the U.S. Department of Education. The federal government pays the interest on the student's behalf while they are in school on at least a half-time basis, during the grace period, and any authorized deferment periods. The grace period is the six-month period of time from when a borrower drops to less than half-time (six credit hours) to when repayment begins. Borrowers have up to ten years in which to repay these loans. Juniors and seniors may borrow up to $5,500 per academic year if they qualify and have not reached their aggregate loan limit. Contact the Financial Aid Office for current interest rates.

Federal Direct Unsubsidized Loan
Federal Direct Unsubsidized loans are available to students who do not qualify for all or part of the Subsidized Stafford Loans. The terms of these loans are the same as the subsidized except that the government does not pay the interest on behalf of the borrower at any time. The student is responsible for paying the interest from the time the loan is disbursed. The interest payment can be paid quarterly or the borrower may request to have the interest accrued and capitalized. Independent students can possibly qualify for an additional $7,000 in the Unsubsidized Direct Loan Program. Contact the Financial Aid Office for current interest rates.

Federal Nursing Loan
Nursing loans are awarded to students with need as determined by the U.S. Department of Education's standard formula (EFC) and availability of funds. Repayment of these loans begins nine months after a student drops to less than half-time. These loans are based on 5 percent simple interest with a repayment term of ten years.

Federal Perkins Loan
A Federal Perkins Loan is awarded to students with need as determined by the U.S. Department of Education's standard formula (EFC) and availability of funds. Repayment of these loans begins nine months after a student drops to less than half-time. These loans are based on 5 percent simple interest with a repayment term of ten years. The school is the lender. Cancellation options are available for certain occupational fields.

Alternative Loans
Students are welcome but not encouraged to apply for alternative, private loan options. We believe this should be a last resort after exhausting all other options.