Loans

Federal Direct Stafford Loans


  • Subsidized
    • Need-based and available to undergraduate students
    • Federal government pays the interest while the student is in school (enrolled at least half-time)
  • Unsubsidized
    • Available to undergraduate and graduate students
    • Federal government does not pay the interest
    • The student may choose to make interest payments while enrolled or allow the interest to accrue
  • Entrance Counseling is required for first time Federal Stafford Loan borrowers
  • Exit Counseling is required for all Federal Stafford Loan borrowers who graduate, withdraw or are registered less than half-time
    • Repayment begins six months after leaving school
  • Federal Student Loans: Basics for Students (PDF)
  • Click here to find additional information about Stafford loans, including interest rates and repayment options.

Federal Direct PLUS Loans


  • Loans are available to parents who have a dependent child enrolled in college and to graduate students.
  • These loans are guaranteed by the federal government and are contingent upon credit approval.
  • Individual eligibility is determined by subtracting all financial aid available for the academic year from the cost of attendance.
  • Click here to find additional information about the PLUS loan, including interest rates and repayment options.

Alternative Loans


  • Borrowed through a private lender of the student’s choice
  • Assists students who are in need of additional financing after having exhausted all other financing options such as grants, scholarships and all types of federal loans.
  • Loan approval is credit based and may require a co-signer
  • Be aware of the lender’s fees, interest rates, and repayment options

Annual Stafford Loan Limits for Undergraduate and Graduate Students

Dependent Independent
Freshman (0-29 credits) $5,500 $9,500
Sophomore (30-59 credits) $6,500 $10,500
Junior (60-89 credits) and Senior (90+ credits) $7,500 $12,500
Master's/Doctoral N/A $20,500

Aggregate Loan Limits

Subsidized / Unsubsidized Aggregate
Dependent Undergraduate Students
$31,000
(maximum $23,000 subsidized)
Independent Undergraduate Students
$57,500
(maximum $23,000 subsidized)
Graduate and Professional Students
$138,500
(maximum $65,500 subsidized)

Students must be enrolled at least half-time to be loan eligible. Enrollment definitions are listed below.

UndergraduateGraduate
Full-time 12 credits 9 credits
Three-quarter-time 9 credits 6 credits
Half-time 6 credits 3 credits
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Office of Financial Aid

Eckhart Hall 205
347 S. Gladstone Ave.
Aurora, IL 60506
630-844-6190
800-742-5281
630-844-6191 (fax)
finaid@aurora.edu
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