Unlike grants and scholarships, loans accrue interest and must be repaid either while attending school, after graduation, or if you withdraw. Different types of student loans include federal, state, institutional, and alternative (bank) loans. Each type may have different terms and conditions associated when borrowing money for educational purposes.
Federal Direct Student Loans
Federal Direct Student Loans are available through the William D. Ford Federal Direct Student Loan Program. All students who complete the FAFSA and are eligible to receive Federal Student Aid may receive the Federal Direct Student Loans. This loan may be Subsidized or Unsubsidized. Student eligibility is determined by cost of attendance and FAFSA results. Students must enroll at least half time (6 hours for undergraduate students or 4 hours for graduate students) to receive Federal Student Loans.
Federal Direct Parent Loan for Undergraduate Students
Federal Direct PLUS Loans: Loans that parents can borrow for students to use to meet their cost of education. Eligibility for PLUS Loans are limited to cost of attendance minus other financial aid. Applicants must complete a Parent PLUS Loan Information Sheet. PLUS loan applicants are submitted for credit review. Applicants with adverse credit history will be denied. These applications are available in the Financial Aid Office or can be submitted online, for more information to apply on-line.