Please note that NOT all schools participate in all of these federal student loan programs. To find out what federal student loan programs your school participates in, contact your school’s financial aid office.

 

Federal Perkins Loan

  • A Federal Perkins Loan is a campus-based loan program administered by your school's financial aid office.
  • This program is available to undergraduate, graduate and professional students with exceptional financial need, as determined by the FAFSA.
  • You may borrow up to your financial need or the annual loan limit, whichever is less.
  • This program provides student loans at a 5 percent fixed interest rate.

 

Federal Direct Subsidized Loan

 

Federal Direct Unsubsidized Loan

  • Federal Direct Unsubsidized Loans are available to undergraduate, graduate and professional students regardless of financial need.
  • You may borrow up to the annual loan limit or to your Cost of Attendance (COA) minus any other aid received, whichever is less.
  • You are responsible for paying all interest, which will begin to accrue immediately after the first disbursement. It will continue to accrue until the principal balance of the loan is paid in full. So, while not required, it is beneficial to you to make interest payments while you’re still in school. If you do not, the loan will cost you significantly more in the long run. 

 

Federal Direct PLUS Loan

  • Federal Parent PLUS Loans are available to parents of dependent, undergraduate students and Federal Graduate PLUS Loans are available to graduate and professional degree-seeking students.
  • PLUS loans are a non-need-based loan. To be eligible, borrowers must not have adverse credit history (a credit check will be done each time a Direct PLUS loan is requested).
  • Parents and graduate/professional students may borrow up to the Cost of Attendance (COA) minus any other aid received.
  • The borrower is responsible for paying all interest, which will begin to accrue immediately after the first disbursement.
  • For parent borrowers, the first payment is generally due within 60 days after the loan is fully disbursed. However, for loans first disbursed on or after July 1, 2008, parent borrowers may request a deferment while the dependent student is enrolled at least half time.
  • For graduate and professional student borrowers, your loan may be placed in a deferment as long as you are in school at least half time.  

Federal Direct Consolidation Loan

A Direct Consolidation Loan combines one or more qualifying, outstanding federal student loans into a new loan with new terms for the convenience of making one payment to a single servicer.