Loans

Planning to use Federal Student loans this Fall?  Recent changes to federal law may affect how much you can borrow.

Here's what you need to know:

If you're enrolled in fewer than 12 credits, you will no longer qualify for the maximum federal loan amount for the semester. Dropping, withdrawing from, or failing classes could reduce your eligibility for future loan disbursements during the same academic year.

What should you do?

• Enroll in your planned courses as early as possible.
• Monitor your financial aid status regularly.
• Review how these federal changes may impact your aid before making schedule changes.
• Please remember that your courses must be within your program of study to qualify for Federal Student Aid.

 

Direct Subsidized Loans — Low interest federal loans made to eligible students who demonstrate financial need to help cover the costs of higher education. Interest is paid by the U.S. Department of Education while the student is enrolled at least half-time. For more information, visit the Federal Student Loan Program webpage.

Direct Unsubsidized Loans — Low interest federal loans made to eligible students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan. However, the loan cannot exceed the Cost of Attendance, and the student is responsible for interest payments while in school. For more information, visit the Federal Student Loan Program webpage.

Direct PLUS Loans for Parents — A loan available to parents of dependent students to help pay for their educational expenses. Parents are required to demonstrate credit worthiness. Parents will begin repaying both the principal and the interest while the student is enrolled in college.