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Loans

Federal Direct Lending Stafford Loans (Subsidized and Unsubsidized)
The Federal DL Stafford Loans are awarded to students based upon their year in school. Interest rates are fixed for the lifetime of the certified loan however the interest rates may change every July 1 of the current year for loans disbursed after July 1. Interest rates will never exceed the maximum of 8.25%. Current interest rate for the 2011-2012 academic year are 3.4% for Subsidized Stafford Loan and 6.8% for Unsubsidized Stafford Loans. Stafford Loan repayment starts 6 months after graduation or if enrollment falls below 6 credit hours. Currently, the maximums for Federal Stafford Loans for each grade level are:

Loans will be originated after July 1. Federal Regulations require that all first-time borrowers of DL Stafford Loans must complete a Master Promissory Note and an on-line Entrance Counseling session before the proceeds of their loan can be released. Students must go on-line to the website, www.studentloans.gov to complete both the Master Promissory Note and Entrance Counseling session. Also all DL Stafford Loan borrowers must complete an Exit Counseling Session upon leaving the college. The Exit Counseling Session is also completed on-line at www.studentloans.gov

Federal Direct Lending Parent PLUS Loans (Plus Loans)
The PLUS Loan enables parents with good credit histories to borrow up to the cost of attendance minus other financial aid for the current academic year. Interest rates for PLUS Loans are fixed for the lifetime of the loan. New interest rates for loans disbursed after July 1 of the respective year are announced on July 1. Current interest rate for Plus Loans for 2011-2012 academic year is 7.9%. Repayment begins after the loan has been fully disbursed, however payments can be deferred while their student is enrolled at least part-time.

Private Student Loans
Private Student Loans are available through a number of private lenders. Loans are issued to students who need additional funds for educational expenses. Usually a qualified co-signer is required. The Student Financial Services Office can recommend many different loan options.


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