Federal Loan Programs
	2013-2014 Federal Loan Information   Federal loans (including fees, interest rates, and limits) are dependent upon funding levels appropriated by the Federal Government and are subject to change. The Federal Direct Loan program is a federally-funded, self-help program offering a way to borrow money to pay for higher education. The Direct Loan Program offers a few types of loans: Stafford loans for students, PLUS loans for parents and consolidation loans for both students and parents. Visit the Direct Loan Web site for more details, including loan calculators. Federal Direct Stafford Loans Subsidized and Unsubsidized Direct Stafford Loans are offered to eligible students on the Award Letter. If you would like to accept Direct Stafford Loans, please complete and return the acceptance form. First time Direct Stafford Loan borrowers must also complete Direct Loan Entrance Counseling and an electronic Direct Loan Master Promissory Note. These are federally funded loans based on financial need and must be repaid. The interest rate for loans disbursed in the 2013-2014 school year is a fixed 6.8% for Subsidized and 6.8% for Unsubsidized. No interest is charged on Subsidized loans and no payments are required on the principal while the student is enrolled at least half-time. Unsubsidized loans accrue interest while the student is in school and during the grace period, although no interest payments are required. Repayment begins six months after a student graduates, leaves school or falls below half-time attendance or enrollment. The federal government charges fees totaling 1.051 percent of the loan, before disbursing the loan proceeds, for the 2013-2014 school year. Federal Direct PLUS Loans If you are interested in a parent PLUS Loan, please complete and return the PLUS Loan Request Form and complete an electronic PLUS Loan Master Promissory Note. The PLUS loan is available to credit-worthy parents and is not based on financial need. The student must be enrolled at least half-time and the loan must be repaid. Interest is charged while the student is enrolled. The interest rate is currently a fixed 7.9 percent with fees totaling 4.204 percent of the loan amount. Federal Perkins Loan Perkins Loans are offered to eligible students on the Award Letter. You must complete and return the acceptance form to accept your Perkins Loan. This federally funded, campus-administered loan is based on financial need and must be repaid. First time Perkins Loan borrowers must also complete Perkins Entrance Loan Counseling and a Perkins Master Promissory Note. A Perkins Loan has a fixed interest rate of 5%. No interest is charged and no payments are required on the principal while you are enrolled at least half-time. Repayment begins nine months after you graduate, leave school or enroll below half-time. There are no origination fees.      2012-2013 Federal Loan Information   The Federal Direct Loan program is a federally-funded, self-help program offering a way to borrow money to pay for higher education. The Direct Loan Program offers a few types of loans: Stafford loans for students, PLUS loans for parents and consolidation loans for both students and parents. Visit the Direct Loan Web site for more details, including loan calculators. Federal Direct Stafford Loans Subsidized and Unsubsidized Direct Stafford Loans are offered to eligible students on the Award Letter. If you would like to accept Direct Stafford Loans, please complete and return the acceptance form. First time Direct Stafford Loan borrowers must also complete Direct Loan Entrance Counseling and an electronic Direct Loan Master Promissory Note. These are federally funded loans based on financial need and must be repaid. The interest rate for loans disbursed in the 2012-2013 school year is a fixed 3.4% for Subsidized and 6.8% for Unsubsidized. No interest is charged on Subsidized loans and no payments are required on the principal while the student is enrolled at least half-time. Unsubsidized loans accrue interest while the student is in school and during the grace period, although no interest payments are required. Repayment begins six months after a student graduates, leaves school or falls below half-time attendance or enrollment. The federal government charges fees totaling 1 percent of the loan, before disbursing the loan proceeds, for the 2012-2013 school year. Federal Direct PLUS Loans If you are interested in a parent PLUS Loan, please complete and return the PLUS Loan Request Form and complete an electronic PLUS Loan Master Promissory Note. The PLUS loan is available to credit-worthy parents and is not based on financial need. The student must be enrolled at least half-time and the loan must be repaid. Interest is charged while the student is enrolled. The interest rate is currently a fixed 7.9 percent with fees totaling 4 percent of the loan amount. Federal Perkins Loan Perkins Loans are offered to eligible students on the Award Letter.  You must complete and return the acceptance form to accept your Perkins Loan.  This federally funded, campus-administered loan is based on financial need and must be repaid.   First time Perkins Loan borrowers must also complete Perkins Entrance Loan Counseling and a Perkins Master Promissory Note. A Perkins Loan has a fixed interest rate of 5%. No interest is charged and no payments are required on the principal while you are enrolled at least half-time. Repayment begins nine months after you graduate, leave school or enroll below half-time. There are no origination fees.