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
- 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.
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
Annual Stafford Loan Limits for Undergraduate and Graduate Students
| Year in School | 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
| Student Type | 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.
| Enrollment Type | Undergraduate | Graduate |
|---|---|---|
| Full-time | 12 credits | 6 credits |
| Three-quarter-time | 9 credits | 5 credits |
| Half-time | 6 credits | 3-4 credits |