Federal Loan Programs
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These student loans are offered by banks, savings and loan associations or credit unions and are guaranteed by a state or national guarantee agency and reinsured by the federal government. Available to both undergraduate and graduate students (maximums may vary).

SUBSIDIZED FEDERAL STAFFORD STUDENT LOAN

This is a long-term, low interest loan designed to provide additional funds for post-secondary education. For Subsidized Stafford loans the government pays the interest while you are in school at least part-time and during the grace period.

ELIGIBILITY:

1. full or half-time graduate students,
2. demonstrate financial need as determined by the institution,
3. a U.S. citizen/national, or an eligible noncitizen.

ANNUAL LIMITS/AGGREGATE LIMITS: Graduate - $8500 per academic year with an aggregate (including undergraduate loans) of $65,500.

INTEREST RATE: The fixed interest rate for all Stafford loans first disbursed on or after July 1, 2006 is 6.8 percent during in-school, deferment and repayment.  Loans with first disbursements between 7/1/98 and 6/30/06 will remain variable interest loans based on the 91 day T-Bill plus 1.7% (in-school) and 2.3% (repayment) with an 8.25% cap.

LOAN FEES: Zero fees are available through our preferred lender list. Please check with the financial aid office for details.

LOAN REPAYMENT: Repayment begins six months (grace period) after the month in which you are no longer attending school at least half time with a maximum repayment period of 10 years. Effective 7/93, income-sensitive, graduated repayment, and income-contingent repayment plans will be available to assist borrowers in meeting repayment obligations.

UNSUBSIDIZED FEDERAL STAFFORD LOANS

This loan program is available to independent students and replaces the SLS loan program. For unsubsidized Stafford loans the interest is the responsibility of the student while in school, during the grace period, and during repayment. The interest may be postponed while in school at least part-time. If the interest is postponed it will be capitalized (added to the principal) only once, at repayment.

ELIGIBILITY:

1. full or part-time graduate students
2. eligibility must first be determined for the Subsidized Stafford Loan,
3. a U.S. Citizen/national, or an eligible non-citizen.

ANNUAL LIMITS/AGGREGATE LIMITS: Graduate - $22,500 ($10,000 Standard plus $12,500 Supplemental) per academic year with an aggregate of $189,125 (including undergraduate loans and any subsidized loans). Effective July 1, 2007 the annual loan limit will increase by $2,000 to $24,500.

INTEREST RATE: the same as the Subsidized Stafford Loan.

LOAN REPAYMENT: the same as for the Subsidized Stafford Loan.

Note: All health profession schools have been authorized to offer students the ability to borrow supplemental Stafford loans. Please call the Financial Aid Office at 800-788-4476 for more information.

Credit-based Federal Graduate PLUS loan

The Federal PLUS loan is a credit based federally guaranteed loan available to graduate and professional students.

Credit Requirements:  This loan is based on being credit-ready - your income, debt, credit score and assets are not factors for approval; however, negative credits items are grounds for denial (tax lien, charge off, delinquent accounts, etc.). An option is available to obtain a co-signer/endorser if the loan is denied.

Eligibility:  same as Stafford loan and must first have applied for maximum annual loan eligibility in the Stafford loan programs.

Annual/aggregate limits:  Up to the cost of attendance less any awarded aid (i.e. loans, scholarships and federal work-study) per academic year.

Interest rate:  For loans disbursed after 7/1/06 the interest rate is fixed at 8.5%.  Interest is capitalized once, at repayment.

Loan fees:  There is an origination fee of 3% of the loan amount and a default fee of 1% of the loan amount.  Guarantors will often pay the default fee on behalf of students.

Loan Repayment:  Repayment commences within 60 days following the last disbursement. Graduate/professional students will automatically receive an in school deferment until enrollment drops below half-time status or at graduation.  The standard repayment period is 10 years; however, for balances above $30,000 the repayment period may be extended to 25 years.