Student Loan Options
scholarships

Student Loans

    Federal and state government loan programs for college students have never been bigger.  Almost everyone qualifies for some type of loan. And with today's low interest rates, student loans are an attractive option for funding college.

   Of course, you should seek scholarships and grants (money that does not have to be paid back) first, and use loans only as necessary. Even though there are very generous terms, such as deferred payments until after graduation, paying for your entire college education with loans can leave you with an onerous debt to be repaid. So be careful as to how much you borrow, and be sure to explore all your loan options to find the least expensive one for you.

As you can see from the table below, the best options are federally subsidized loans. They generally have the lowest interest rates and in some cases the government will even pay the interest for you while you are in school. Private loans, on the other hand, are a last resort, and will require a certain level of credit worthiness and possibly a cosigner.



Type of Loan Amounts Eligibility Interest/Repayment How To Apply
Federal Carl Perkins Student Loan Up to $4000 per year/$20,000 cumulative. Based on financial need.
Limited amounts awarded each year.
5% interest. Repayment deferred while in school. File the FAFSA and contact your school's financial aid office.
Federal Nursing Student Loan $2,250 for freshmen/ sophomores.

$4,000 for juniors/seniors.
Based on financial need and the student must be a nursing major. 5% interest. Repayment deferred while in school. File the FAFSA and complete the Federal verification process. Contact your school's financial aid office.
Federal Stafford Student Loan
Freshmen: $2,625 Sophomore: $3,500.
Junior/Senior: $5,500.
Financial need. 6.8% interest. Repayment and interest deferred while in school. File the FAFSA and contact your school's financial aid office.
Federal Unsubsidized Stafford Student Loan Amounts up to $10,500 combined with Subsidized loans. 

Graduates may borrow up to $18,500 .
No financial need requirement. 6.8% interest. Repayment  deferred while in school, but interest accrues. File the FAFSA and contact your school's financial aid office.
Private Educational Loans
Cost of Attendance, minus other aid you have received.

 
Determined by the lender. may require a cosigner and a credit check. Varies. usually based on credit worthiness. Apply with lender. Contact your school's financial aid office for preferred lenders.
Parent Loan for Undergraduate Students (PLUS)
Cost of Attendance, minus other aid you have received.
 
Parents of dependent undergraduate students only. Credit check is required. 8.5% interest. Interest accrues while in school. Some lenders defer payments while enrolled. If you file the FAFSA, the award letter will state Plus eligibility. Otherwise, contact your school's financial aid office.
Grad PLUS Loan Cost of Attendance, minus other aid you have received.

 
Graduate and Professional students only.  A credit check is required. You must borrow Stafford eligibility before being considered for Grad PLUS. 8.5% interest. Interest accrues while in school. Some lenders defer payments while enrolled. File the FAFSA and contact your school's financial aid office.
Other Loans  Always check with you school's financial aid office for more loans options, including state and other regional or school based programs.