Loan Information
Federal student loans are generally cheaper, more available and have better repayment terms than private/student loans.
See Also: How to Interpret a College Financial Aid Letter
Federal Perkins Loan
For undergrad and grad students:
- Undergrad students: loan amount up to $5500
- Grad and Professional students: loan amount up to $8000
- College is the lender
Direct Subsidized Loan
For undergrad and grad students enrolled at least half time (6-8 credit hours):
- Loan amount up to $5500 depending on grade level and dependency
- No interest charged while in school
- Dept. of Education is the lender
Direct Unsubsidized Loan
For undergrad and grad students enrolled at least half time (6-8 credit hours):
- Loan amount up to $20,500, less subsidized amount, depending on grade level and dependency.
- Student is responsible for interest
- Dept. of Education is the lender
Direct PLUS Loan for Parents
For parents of dependent students enrolled at least half time (6-8 credit hours):
- Loan amount is maximum cost of attendance, less any other financial aid
- Parent is responsible
- Dept. of Education is the lender
Private/Alternative Loan
More expensive than Federal student loans
- Eligibility, interest rate and fees based on credit scores
- More information on private/alternative loans at www.finaid.org/loans/