Complete your LOAN ENTRANCE COUNSELING now.
A loan is a type of self-help aid that lets you borrow money from banks or other lending institutions. Since it’s self-help aid, it must be paid back with added interest. Loans can be awarded based on financial need (subsidized loans) or not on financial need (unsubsidized loans, PLUS loans and alternative loans). Your loan eligibility will be determined after your grants and scholarships have been considered.
Direct Subsidized Loan
Loan must be repaid with interest.
Annual amount:
$3,500 - $5,500 depending on grade level.
For undergraduate students; U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods; student must be attending at least half-time and have financial need; 3.4% rate.
Direct Unsubsidized Loan
Loan must be repaid with interest
Annual amount:
$5,500 - $20,500 (less any subsidized amounts received for same period), depending on grade level and dependency status.
For undergraduate and graduate students; borrower is responsible for all interest; student must be enrolled at least half-time; financial need is not required; 6.8% rate.
Direct PLUS Loan
Loan must be repaid with interest
Annual Amount:
Maximum amount is cost of attendance minus any other financial aid student receives; no minimum amount.
For parents of dependent undergraduate students and for graduate and professional students; student must be enrolled at least half-time; financial need is not required. Unsubsidized: Borrower is responsible for all interest; 7.9% rate.
Alternative Loan
There are several other student loan options available to students to pay for summer tuition, fees, books and housing. These loans are called private alternative loans, and their approval is primarily based upon the borrower’s credit rating. More information is available at: FASTChoice
The annual maximum amount that can be borrowed is equal to the Cost of Attendance minus (-) financial aid received. Your lender may determine an aggregate maximum loan amount.
Undergraduate students enrolled at least half-time in a degree program may apply for an alternative loan.
Complete an on-line loan application and sign your promissory note (and your co-borrower, if required).
Interest rates and origination fees may be higher than Stafford or PLUS loans. Repayment plans and options vary among lenders. Generally, repayment begins six months after you leave school. Interest payments may be quarterly.
Exit Counseling
Before you withdraw, graduate, or drop below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counseling session for your Federal Stafford Loan (subsidized or unsubsidized) and Direct Subsidized and Unsubsidized Loans. The counseling session provides information about how to manage your student loans after college.
-
Read any information from your school and the session instructions.
-
Read the content and answer the questions.
-
Fill out the student information form. Use the comment box for any comments or questions you have for your school.
-
Print the confirmation page that appears after you fill out the student information form or note your confirmation number for your records.
Complete your LOAN EXIT COUNSELING now.
TEACH Exit Counseling
As with the EXIT Counseling, if you were awarded a TEACH grant, you will also need to complete EXIT Counseling for TEACH as well.
Complete your TEACH EXIT COUNSELING now.