Federal Student Loans

Federal Stafford Loans

All students who file a FAFSA are eligible for a Federal Stafford Loan.  This is a federally guaranteed loan.  There are two types of Stafford Loan:  Subsidized and Unsubsidized.  A subsidized loan is a loan in which the government waives the interest accrual while the student is enrolled at least half-time.  An unsubsidized loan is a loan in which the government does not waive the interest and it does accrue while the student is in school.  You will have the option to pay this interest or to have it capitalized.  For both loan types, the principle loan payments are deferred while a student is enrolled at least half-time and repayment on the loans does not start until 6 months after the student drops below half-time enrollment, graduates or withdraws.

The current interest rate for Federal Stafford Loans is 6.8%

To qualify for this loan, you must file a FAFSA.  The Subsidized portion of the loan will depend on the need that is determined from your FAFSA information.  If you have no need or low need, you will receive the Unsubsidized portion instead.  Either way, you will qualify for a Federal Stafford Loan regardless of your need.  This loan will be listed on your award letter. 

Federal Perkins Loan

The Federal Perkins loan is a federal loan with a fixed 5% interest rate. The principle and interest payments are deferred while the student is enrolled at least half-time.  Repayment on this loan does not begin until 9 months after the student drops below half-time enrollment, graduates, or withdraws.

To qualify for this loan, you must qualify for a Pell Grant and meet our FAFSA application deadline of March 15th.  If you are eligible, the Perkins Loan will be listed on your award letter.