Federal Student Loan Borrowing Options
Your federal student loan borrowing options:Subsidized Stafford Loan:
The Subsidized Stafford Loan is low- interest loan available to students attending school on at least a half-time basis. The federal government pays the interest while the student is in school, during the six month grace period, and during other authorized period of deferments. The interest rate on the Subsidized Stafford Loan is fixed. Stafford Loan borrowers receive a six month grace period, which means repayment doesn't begin until six months after the student graduates or drops below a half- time status (as determined by the school). The student must demonstrate financial need to be eligible for the Subsidized Stafford Loan. Click here to apply for a Stafford Loan.
Unsubsidized Stafford Loan
The Unsubsidized Stafford Loan is low-interest loan available to students attending school on at least a half-time basis. Unlike the Subsidized Stafford Loan, the student is responsible for paying the interest that accrues while in school, during the grace period, and during authorized periods of deferment. Unsubsidized Stafford Loan borrowers can pay the interest as it accrues or defer the interest by having it added to the principal balance (capitalization). The interest rate on the Unsubsidized Stafford Loan is fixed. Unsubsidized Stafford Loan borrowers receive a six month grace period, which means repayment doesn't begin until six months after the student graduates or drop below a half-time status (as determined by the school). The student does not have to demonstrate financial need to be eligible for the Unsubsidized Stafford Loan. Click here to apply for a Stafford Loan.
PLUS Loan
The Federal PLUS Loan is a low-interest loan available to parents of dependent undergraduate students. A credit check is required in order to be eligible for a PLUS Loan. If a parent is denied a PLUS Loan due to adverse credit history or adverse action on prior Title IV loans, the depended student may be eligible for an increased unsubsidized loan amount. The interest rate on the PLUS Loan is fixed at 8.5%. The parent may borrow up to the cost of attendance less financial aid received, as certified by the school. Click here to apply for a PLUS Loan.
Graduate and Professional Student PLUS Loan
The PLUS Loan, which had been reserved exclusively for parents of undergraduate students in prior years, is now available to graduate and professional students. A credit check is required in order to be eligible for a PLUS Loan. Unlike parent borrowers, if a graduate or professional student is denied a PLUS Loan due to adverse credit history or adverse action on prior Title IV loans, the student will not be eligible for an increase in Stafford loan limits. The interest rate on the PLUS Loan is fixed at 8.5%. The student may borrower up to the cost of attendance less financial aid received, as certified by the school. Click here to apply for a Graduate and Professional Student PLUS Loan.
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