Student Loans

Student loans are borrowed money that you will need to repay after you leave school. If you are awarded a loan, you have the option to take out a smaller loan amount to reduce your future debt. Student loans are one of three types of financial aid for which students can qualify. The FAFSA that you submit is your single application for all three types of financial aid (grants, work-study and loans). Get more information on applying for financial aid and what happens next.

Direct Loans (also called Stafford Loans or William D. Ford Federal Direct Loans) are offered at relatively low interest rates and with good repayment arrangements. Before you take out a loan, be sure to develop a budget to make sure you borrow only what you need.

For more information about student loan interest rates, repayment and more, visit the Department of Education. First-time borrowers will be required to complete entrance counseling and a Master Promissory Note (MPN).

Undergraduate Student Loans

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  • If you are borrowing a Direct Loan, you may be awarded a subsidized or unsubsidized loan depending on your financial need.

    Subsidized

    Basis of Award: Student has financial need.

    What it means: Interest does not accrue while student is enrolled at least half-time.

    Unsubsidized

    Basis of Award: Student does not have financial need.

    What it means: Interest accrues while student is enrolled in school. You will receive quarterly interest statements on your unsubsidized loan from your lender. It is recommended that you pay this interest every quarter. If you do not, the interest will be added to your loan amount, which will result in owing interest upon interest. For current interest rate information, visit StudentAid.gov.

  • First-Year Students

    • Subsidized loan limit: $3,500
    • Unsubsidized loan limit: $2,000
    • Total loan limit: $5,500

    Second-Year Students

    • Subsidized loan limit: $4,500
    • Unsubsidized loan limit: $2,000
    • Total loan limit: $6,500

    Third and Fourth-Year Students

    • Subsidized loan limit: $5,500
    • Unsubsidized loan limit: $2,000
    • Total loan limit: $7,500

  • First-Year Students

    • Subsidized loan limit: $3,500
    • Unsubsidized loan limit: $6,000
    • Total loan limit: $9,500

    Second-Year Students

    • Subsidized loan limit: $4,500
    • Unsubsidized loan limit: $6,000
    • Total loan limit: $10,500

    Third and Fourth-Year Students

    • Subsidized loan limit: $5,500
    • Unsubsidized loan limit: $7,000
    • Total loan limit: $12,500

    Note: Includes students whose parents are unable to borrow under the parent loan (PLUS) program.

    • Subsidized loan limit: $23,000
    • Unsubsidized loan limit: $8,000
    • Total loan limit: $31,000

    • Subsidized loan limit: $23,000
    • Unsubsidized loan limit: $34,500
    • Total loan limit: $57,500

    Note: Includes students whose parents are unable to borrow under the parent loan (PLUS) program.

    • Fall – November 15
    • Spring – April 15
    • Summer – July 15

  • Students must begin repayment of their student loan(s) if any one of the following actions occur:

    • Withdraw from school
    • Drop below half-time status (fewer than 6 hours during a long semester)
    • Graduate

Graduate Student Loans

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  • Graduate and Professional Unsubsidized Loans
    Component Amount
    Annual Loan Limit $20,500
    Aggregate Loan Limit $138,500

     

  • The Graduate PLUS Loan Program may be of interest to you as a graduate student needing additional assistance to cover educational costs after all other federal loans have been exhausted. The program offers a non-need based federal loan with a fixed 7.54% interest rate. Grad PLUS Loans allow you as a graduate student to borrow up to the full cost of attendance minus any other financial aid you are receiving.

    We encourage you to consider your options before accruing additional loan debt. For more information on the Federal Grad PLUS Loan as compared with the federal unsubsidized student loans, go to Federal Student Aid.

  • Below are the steps that you will need to take in order to be awarded a Graduate (Grad) PLUS Loan and have the funds processed:

    • Complete the Free Application for Federal Student Aid (FAFSA), if you have not already done so.
    • Complete a Federal Graduate PLUS Loan Application at studentaid.gov for each year you are borrowing funds through this program. Your application results will be sent to the school to be included in your aid package.
    • Accept your Grad PLUS Loan via Student Self-Service.
    • If you are a first-time Federal Graduate PLUS borrower, you must complete a master promissory note and entrance counseling at studentaid.gov.