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Loans

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Which loans are right for me?

If the amount of money you receive from grants, scholarships, or work-study isn’t enough to cover your expenses, you should consider a loan. This type of financial aid generally requires repayment, and financial need may not be required for some loan programs.

There are many things to consider when choosing a lender. Be sure to ask the following questions:

  • What are the loan fees?
  • What is the interest rate?
  • When do I have to start repaying the loan?
  • Do I have to be meeting Satisfactory Academic Progress (SAP) Standards?
  • Does the load require me to be enrolled in a certain number of hours?
  • What repayment options are available?


Begin by filing the Free Application for Federal Student Aid (FAFSA) to determine eligibility for Federal Stafford Loans (Subsidized and/or Unsubsidized) and Federal Parent Loan for Undergraduate Students (PLUS). These types of loans usually provide low-interest financial assistance to students who are eligible and have more favorable repayment terms and conditions in comparison to private loans.

For more information on loans, please visit studentloans.gov.

What types of federal student loans are available?

Subsidized Stafford Loan

Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.

Unsubsidized Stafford Loan

Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan.

Plus (Parent Loan)

Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid.

Consolidation Loan

Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.