Half-time enrollment (at least 6 hours per semester for undergraduate students or 4.5 hours for graduate students)
Costs not already covered by other financial aid sources
Types: Direct Subsidized Loans are available to undergraduate students with financial need. Direct Unsubsidized Loans are available to undergraduate and graduate students.
Terms: Repayment of the loan begins six months after the student ceases half-time enrollment
Interest and Fees: Fixed interest rate on loans (interest does not accrue on subsidized loans). Origination fee assessed by the government. See current interest rates
Applying: Complete the Free Application for Federal Student Aid (FAFSA) at fafsa.gov to be considered for federal loans.
Description: Loans for parents of dependent students
Amount: Up to the student’s cost of attendance minus other aid received.
Eligibility:
Be the biological or adoptive parent (or in some cases, the stepparent) of a dependent undergraduate student enrolled at least half time
Not have an adverse credit history
Terms: Repayment begins within 60 days of the final disbursement each year
Deferment: May request while student enrolled in at least six credit hours and for an additional six months after your child graduates, leaves school, or drops below half-time enrollment
Interest and Fees: Fixed interest rate on loan. Origination fee assessed by the government. See current interest rates
Applying: Students will first need to complete their FAFSA. Parents can apply online at studentaid.gov. First time parent borrowers will also need to complete a Master Promissory Note.
Description: Additional federal loan for graduate students
Amount: Up to the student’s cost of attendance minus other aid received.
Eligibility:
Be a graduate student enrolled in at least 4.5 credits in a degree program
Not have an adverse credit history
Terms: Repayment of the loan begins six months after the student graduates, withdraws, or drops below half-time enrollment (4.5 credits per term)
Interest and Fees: Fixed interest rate on loan. Origination fee assessed by the government. See current interest rates