Loans are a form of aid that needs to be repaid. Loans for higher education are generally offered at low interest rates and can be repaid over an extended period of time after the student leaves the institution.
In order to apply for any of the following loans, a
FAFSA must be filed in order to determine eligibility. You need to take full responsibility for following the entire loan application process.
Programs for Graduate Students
Graduate students have three types of loans available: Stafford, Perkins, and GradPLUS Loans.
Beginning with the 20101-11 academic year, all Stafford loans will be borrowed directly from the federal government, no longer from banks or other lenders. This means, all students (both new and returning, even those who previously borrowed) must follow these
instructions to apply for and receive a loan.
The
Subsidized Federal Direct Stafford Loan enables undergraduate and graduate students to borrow an annual amount based on their grade level and length of program. Under the subsidized loan program, the federal government will pay the interest until the repayment period begins, six months after the student leaves school. If this loan will be used to pay tuition, application should be made in time so that it can be processed before registration.
The
Unsubsidized Federal Direct Stafford Loan is available for undergraduate and graduate students who do not demonstrate financial need. The terms are the same as those for the Subsidized Federal Stafford Loan, except that the student is responsible for interest accrued while he or she is in school.
View
loan application procedures for Federal Stafford Loans.
The
Federal Perkins Loan is a program providing long-term loans to undergraduate students who demonstrate financial need and are capable of academic performance at an acceptable level. No interest accrues on the loan as long as the borrower remains at least a half-time student.
GradPLUS Loans can be used to help pay up to the entire cost of education, including tuition, fees, room and board, and books. The PLUS Loan is not based on income or assets, however, to qualify you must pass a credit check.