Loan Information & Processing

 

For parents of undergraduate students: 

 

 

 

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Federal Perkins Loans

• Fixed interest rate: 5.0%.
• Subsidized (no interest) while student is enrolled and during grace period.
• Need-based, check your award notification to see if you’re eligible.

Federal Direct Loans

Subsidized

• Fixed interest rate: 6.8% for the 2012-13 academic year.
• Subsidized (no interest) while student is enrolled at least half-time.
• Need-based, check your award notification to see if you’re eligible.

Unsubsidized

• Fixed interest rate: 6.8%.
• Unsubsidized: interest starts accruing right away.
• Not need-based, check your award notification for amount.

Federal Direct Plus Loans for Parents of Undergraduate Students

• Fixed interest rate: 7.9%.
• Unsubsidized: interest starts accruing right away.
• Not need-based, may borrow up to Cost of Attendance minus all other financial aid.

Federal Direct Plus Loans for Grad & Law Students

• Fixed interest rate: 7.9%.
• Unsubsidized: interest starts accruing right away.
• Not need-based, may borrow up to Cost of Attendance minus all other financial aid.

Private Loans

• Interest rate: variable, depends on borrower’s credit.
• Unsubsidized: interest starts accruing right away.
• Not need-based, may borrow up to Cost of Attendance minus all other financial aid.

Bar Study Loans

• Interest rate: variable, depends on borrower’s credit.
• Borrower must be 3rd or 4th year law student.

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Loan Forgiveness Programs

• Teacher Loan Forgiveness Programs
• Law Student Loan Repayment Assistance Program

Other Helpful Links

• Loan Entrance and Exit Counseling
• National Student Loan Data System (NSLDS)
• Student Loans: Avoiding Deceptive Offers (FTC)
• Federal student loan servicers
• Direct Loan Basics for Students
• Direct Loan Basics for Parents