U.S. Federal Direct Student Loans
U.S. citizens and permanent residents are eligible to apply for federal student loans. To apply for a loan, you must submit the Free Application for Federal Student Aid (FAFSA). If you did not link your 2012 federal income tax return to your FAFSA report, you need to contact the IRS and request an Official Transcript that you will need to submit to the Financial Aid Office by March 1st.
Direct Student Loans
Direct loans have a fixed interest rate of 6.8% and a 1% Origination Fee (subject to change based on funding uncertainties at the federal level) will be deducted at the time the funds are disbursed. Students may borrow up to $33,000 in the Unsubsidized Loan depending on other financial aid received. Simple interest will accrue on the loan and the interest will be added to the principal at repayment. There is a 6 month grace period following graduation or separation from the school before repayment begins.
Federal Direct PLUS Loan
The PLUS loan is available to graduate student who may need to borrow in addition to the Unsubsidized loan. The PLUS loan is based on credit worthiness and is available up to the cost of attendance, less any other aid received. The interest is fixed a 7.99% and a 4% Origination Fee (subject to change based on funding uncertainties at the federal level) will be deducted at the time the funds are disbursed.