Loans

A loan is made when an institution (the government, a bank, etc.) provides a student or student’s parent(s) with money to borrow. They can be either federally subsidized or unsubsidized (which affects when you begin paying interest on the loan). Loans must be paid back in monthly payments usually beginning six to nine months after a student graduates from college or leaves the institution for any reason.


Federal Stafford Loans

Master Promissory Note

Entrance and Exit Counseling

Loan Repayment Information for federal loans

Loan Repayment Calculator for federal loans


There are two broad categories of loans; loans based on financial need and loans not based on financial need.


Need based Federal Loans

The federal government is the principal provider of need-based loan funds. Your award letter will list the type and amount of need-based loans. The features of need based loans include low interest rates, delayed repayments and In-School Interest Subsidy.



Non-Need Based Federal Loans

Outside of need loans are used to help families that can't afford to pay their expected contribution from savings and current income.

When reviewing your aid letter, these loans should be removed and put to the side. When you calculate your family's share of costs, you may find that it is more than you can afford—if so, it's time to consider these loans.

Non-need based loans usually have higher interest rates, have no in-school interest subsidy and may also require immediate repayment of principal.



Private Education Loans

Private education loans, also known as Alternative Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs.  Private loans are offered by private lenders and there are no federal forms to complete.  Eligibility for private student loans often depends on your need, other aid, and your credit score.