Tuition & Aid Federal Funding & Loans

Federal Funding & Loans

Loans are financial aid that must be paid back within a certain amount of time after a student graduates or falls below half-time enrollment. We participate in several federal loan programs.

Federal Direct Loan

The Federal William D. Ford Direct Loan is a low-interest loan that students take out on their own behalf. The FAFSA must be completed in order to be eligible. The interest rate is fixed at 8.083%. This program allows students to borrow loan funds directly from the Federal Government, including both Direct Loans and Direct Graduate PLUS loans. Repayment begins 6 months after graduation or if the student drops below half time. The Federal Government requires all new, first-time loan borrowers to complete Loan Entrance Counseling and a Master Promissory Note online.

Go to studentaid.gov

Federal Direct Graduate PLUS Loan

The Federal Direct Graduate PLUS loan is a low-interest loan that graduate students can take out on their own behalf. The FAFSA must be completed in order to be eligible. The interest rate is fixed at 9.083%. Repayment begins within sixty days after the loan is disbursed or may be deferred until six months after the student graduates or drops below half-time status.

Go to studentaid.gov

Private Loans

This is a variable rate loan that students take out on their own behalf. This loan requires a credit check and generally, a cosigner. Interest rates vary depending on the lender. Please note that an alternative loan should be considered a loan of last resort. You may qualify for Title IV loans (Perkins loans, William D. Ford Direct or Direct Plus) and should first explore these options before seeking an alternative/private education loan. Private loans should be considered a last resort.

More About Loans