Federal Perkins Loan. The Office of Financial Aid and Scholarships administers this loan to provide long-term, low-interest loans to students who demonstrate financial need. Repayment begins at a low interest rate nine months after the student graduates, withdraws or ceases enrollment. The student must complete the FAFSA to be considered for this loan.

Federal Direct Subsidized Loan. This program provides low-interest, long-term loans to eligible students attending school at least half-time. A maximum loan amount is established by class level for each academic year. An origination fee is deducted from each loan disbursement. The maximum aggregate loan amount is established for an undergraduate student. Interest is not charged while the student is enrolled in school. Repayment begins six months after the student graduates, withdraws or ceases attending school at least half-time. Students must demonstrate financial need. The student must complete the FAFSA to be considered for this loan.

Federal Direct Unsubsidized Loan. This program was created for students who do not qualify for the maximum amount of the Federal Direct Subsidized Loan program. This loan is not based on need. The terms and conditions are the same as the Federal Direct Subsidized Loan program, except that the student is responsible for interest that accrues while he/she is enrolled in school on at least a half-time basis. The student may select to pay the interest while enrolled in school or allow it to accumulate and be capitalized. The interest will be added to the principal and will increase the amount the student will have to repay. An origination fee is deducted from each loan disbursement. The interest rate is fixed at 6.8 percent. Repayment may be deferred until six months after the student ceases attending school on at least a half-time basis.

Federal Direct Plus Loan. This is a low-interest loan for parents of dependent students who want to borrow to help pay for their child’s education. The student must be enrolled for at least half-time. The maximum amount at a fixed interest rate a parent can borrow is the cost of attendance minus any financial aid offered to the student. The interest rate is fixed at 8.5 percent. An origination fee is deducted from the loan. Repayment begins sixty (60) days after the loan proceeds have been disbursed.