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Loans
Federal Perkins Loans
- 5% interest
- 9 month grace period
- No interest while in school – must be registered at least half-time
- An Entrance Interview is required for first time Perkins loan borrowers at Aurora University
- An Exit Interview is required for all Perkins loan borrowers who either graduate, withdraw or are registered below half-time (https://www.uasexit.com/)
Federal Stafford Loans
- Subsidized
- Federal Government pays interest while in school – must maintain at least half-time status
- 5.6% interest for undergraduate students, 6.8% for graduate students loans for 2009-2010
- Unsubsidized
- 6.8% interest for undergraduate and graduate students for 2009-2010
- Government does not pay the interest payments
- The student may choose to make interest payments while in college or allow them to accrue
- An Entrance Interview is required for first time Stafford loan borrowers
- An Exit Interview is required for all Stafford loan borrowers who either graduate, withdraw or are registered below half-time
- Repayment of loan principal plus interest begins six months after leaving school
Please view a table for the Annual Stafford Loan Limits for Undergraduate and Graduate Students.
Federal PLUS
- Loans are available to parents who have a dependent child enrolled in college.
- These loans are guaranteed by the federal government and also need lender approval based on a credit check.
- Individual eligibility is determined by subtracting any financial aid available for the academic year from the cost of education.
- Financial need is not a prerequisite.
- Repayment begins within 60 days of the final disbursement.
- The current interest rate is fixed at 8.5 percent.
Please visit College Zone for detailed information about interest rates for the Stafford and PLUS Loan programs. We also recommend contacting your lender for current interest rates and payment options.
Alternative Loan Program
- Helps pay educational expenses not covered by your financial aid package
- Recommended: Apply for federal, state and institutional aid before considering the alternative loan source
- Credit check and/or a co-signer may be required
- Can cover expenses from a previous academic period (within 12 months)
- Be aware of the lender’s fees, interest rates, and repayment options
- Visit College Zone for more information
Aurora University Student Loans (AUSL)
- Full-time undergraduate students are eligible
- Loans are given for one term at a time (based on registration)
- Maximum annual award of $1500
- Entrance interview required for first time borrowers
- Master Promissory Note needs to be signed for each semester the loan has been awarded
- Exit interview required upon graduation, withdrawal, or below half-time registration
Did You Know?You can NOT FAX a Master Promissory Note for either a Federal Stafford loan or Federal PLUS loan, nor can you use white-out or liquid paper on mistakes. You can line-out any mistakes and then initial them. Also, please do not complete online MPNs on a lender’s website. We will provide a paper one in your award letter packet. |
Annual Stafford Loan Limits for Undergraduate and Graduate Students
Effective for loans first disbursed on or after July 1, 2008
|
Dependent undergraduate
(Excludes students whose parents cannot borrow PLUS) |
Sub/Unsub
|
Additional Unsubsidized Loan Amount
|
|
First-year
|
$3,500
|
$2,000
|
|
Second-year
|
$4,500
|
$2,000
|
|
Third-year and beyond
|
$5,500
|
$2,000
|
|
Independent Undergraduate Students
(Includes Dependent Students whose parents can not borrow PLUS) |
Sub/Unsub
|
Additional Unsubsidized Loan Amount
|
|
First-year
|
$3,500
|
$6,000
|
|
Second-year
|
$4,500
|
$6,000
|
|
Third-year and beyond
|
$5,500
|
$7,000
|
|
Graduate Students
|
$8,500
|
$12,000
|
Annual Loan Limits for Preparatory Coursework and Teacher Certification
|
Dependent Students (excluding students whose parents cannot borrow PLUS)
|
Sub/Unsub
|
Additional Unsubsidized
|
|
Preparatory coursework (for enrollment in an undergraduate program)
|
$2,625
|
0
|
|
Preparatory coursework (for enrollment in an graduate or professional program)
|
$5,500
|
0
|
|
Teacher certification coursework
|
$5,500
|
0
|
|
Independent Students (and dependent students whose parents cannot borrow PLUS)
|
Sub/Unsub
|
Sub/Unsub
|
|
Preparatory coursework (for enrollment in an undergraduate program)
|
$2,625
|
$6,000
|
|
Preparatory coursework (for enrollment in an graduate or professional program)
|
$5,500
|
$7,000
|
|
Teacher certification coursework
|
$5,500
|
$7,000
|
Aggregate Loan Limits
|
Subsidized / Unsubsidized Aggregate
|
|
|
Dependent Students
(excluding students whose parents cannot borrow PLUS) |
$31,000
(maximum $23,000 subsidized) |
|
Independent Students
(and dependent students whose parents cannot borrow PLUS) |
$57,500
(maximum $23,000 subsidized) |
|
Graduate and Professional Students
|
$138,500
(maximum $65,500 subsidized) |
