Student loans are borrowed money that must be repaid, with interest.

Loans are legal obligations and may not be canceled for any reason. Before you take out a student loan, think about the amount you will have to repay over the years.

We recommend that you visit Student Aid on the Web to learn more about loan debt. 

Types of loans

Federal Perkins Loan

This loan is for students have a low, fixed interest rate and are funded by the federal government and administered by the student's college.

Eligibility: U.S. Citizen/Permanent Residents; full or part-time student; need based
Amount: up to $4,000 annually/displayed on award letter
Repayment Terms: up to 10 years

Federal Stafford Loans

Federal loans are awarded as subsidized and unsubsidized loans to students.

They are available to undergraduate, graduate, and professional degree students. You must be enrolled at least half-time to be eligible for a Stafford Loan.

Subsidized Stafford Loans 

Eligibility: available to students who demonstrate financial need
Amount: up to the amount of your financial need
Repayment: the U.S. Department of Education pays the interest; does not need to be repaid while you are in school at least half-time; has a grace period for the first six months after you leave school; allow deferments (a postponement of loan payments)

Unsubsidized Stafford Loans

Eligibility: U.S. Citizen/Permanent Residents; full or part-time student
Amount: up to the amount of your financial need
Repayment: yyou are responsible for paying the interest that accrues on the loan from the time the loan is disbursed until it is paid in full; interest can be paid while you are in school or during a period of deferment or forbearance; interest can be accumulated and added to the principal. This is called capitalization.

PLUS Loans

Parents of dependent students can borrow from the PLUS Loan Program. The terms and conditions applicable to parent PLUS Loans (made to parents of dependent students) include: a requirement that the applicant not have an adverse credit history and a repayment period that begins on the date of the last disbursement of the loan.

A complete and correct FAFSA application must be on file before an application for a loan can be initiated.

Private Loan

Private loans can be used as a private, supplemental loan for students. They are available from a national network of lenders with fixed or variable interest rates, based on prime or LIBOR, plus a markup determined by credit rating. Your fees will vary based on the loan program and your credit rating.

Eligibility: student enrolled at least half-time, credit check and a co-signer are often required
Amount: loan limits vary by program
Repayment Terms: terms of repayment vary by program


Net Price Calculator

The Net Price Calculator provides you with personalized and consistent information about college costs. Use it now to estimate your expected financial aid contribution vs. out-of-pocket costs. Start now!