Loans

Study now, pay later

Borrow Money from the Government

Taking out a loan, or borrowing money, is one way to make your college education affordable.

However, unlike grants and scholarships, a loan is money that must be repaid with interest. If you apply for financial aid, you may be offered loans as part of your financial aid offer.

Student loans can come from the federal government or from a private lender such as a bank, credit union, or state agency. Federal Student Loans are from the U.S. Department of Education and usually offer borrowers lower interest rates and have more flexible repayment options. To apply for a Federal Direct Student Loan, visit studentaid.gov.

Federal Loans

Federal Direct Subsidized

These loans are for undergraduate students who demonstrate financial need. Interest charges and payments begin six months after the student’s last day of attendance or when the student has reached 150% of the Direct Subsidized loan limit.

Federal Direct Unsubsidized

These loans are for undergraduate and graduate students. Students are not required to demonstrate financial need to be eligible for these loans. Interest charges begin 30 days after loan funding is received, and payments are not required while students are still attending college, for up to six academic years.

Federal Direct Graduate PLUS

These loans are for graduate students. These loans charge interest and are subject to credit check. Interest charges begin 30 days after loan funding is received, and payments are not required while students are still attending college, for up to six academic years.

Federal Direct Parent PLUS

These loans are for parents of dependent undergraduate students. The parent is legally responsible for repayment of the loan. These loans charge interest and are subject to a credit check. Interest charges and payments begin 30 days after the loan funding is received. Parents may request a deferment to have payments begin six months after the student’s last day of attendance.

To apply for a Private Student Loan, visit Private Loan Lenders.