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ATTENTION FIRST-TIME STAFFORD LOAN BORROWERS: The U.S. Department of Education requires all first-time student
loan borrowers to complete a Loan Entrance Counseling session prior
to receiving their loan proceeds.
Federal Perkins Loan may be included as part of a need-based financial
aid package. Payments on principal and interest are deferred until
after the student has completed his or her degree or ceases to be enrolled
at least half-time. The interest rate during repayment is 5%.
Subsidized Stafford Loans may be included as part
of a need-based financial aid package. Payments on principal and
interest are deferred as long as the student is enrolled at least
half-time.
Unsubsidized Stafford Loans are awarded to students
not eligible for the subsidized loan. Interest accrues to the student
while in school but may be deferred and capitalized prior to entering
repayment. The interest rate is fixed at 6.8%.
Federal Parent Loan for Undergraduate Students
(PLUS) is available
to parents of dependent students to help cover the difference between
the cost of attendance and any financial aid awarded to the student.
The standard repayment period is 10 years, beginning the day after
the loan is fully disbursed. The interest rate is fixed at 8.5%.
Private Educational Loans: Various private lenders offer education
loans. These include loans to students (with and without co-signers),
as well as to parents. Interest rates, deferment options and annual/aggregate
maximum loan amounts vary by lender. For more information about these
resources, contact the Office of Financial Aid.
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