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Loans Available for Residential Students

Federal

 

Unsubsidized Federal Stafford Loan

Amount: Eligibility varies depending on the course of study.

  • Medical or Dental Students. The Unsubsidized loan has a $40,500 maximum per year for a nine month academic year. The total aggregate for Subsidized and Unsubsidized loans during undergraduate and graduate studies is $224,000.
  • Non-Medical or Non-Dental Students. The Unsubsidized loan has a $20,500 maximum per year. The total aggregate for Subsidized and Unsubsized loans during undergraduate and graduate studies is $138,500.
 

Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate throughout repayment is fixed at 6.8%.

Fees: 1% is shaved off of all Unsubsidized funds as an origination fee.

Conditions: The borrower must fill out a FAFSA need analysis to determine the financial need. This loan can be used to replace an expected family contribution. It is given out in two equal disbursements when tuition is due.

Repayment: The borrower has up to 10 years to repay this loan. Each borrower will go into repayment six months following graduation or withdrawal, unless the borrower qualifies for an economic hardship deferment.

Grace Period: Each borrower has a six-month grace period for the Unsubsidized Federal Stafford Loan. The grace period must be used up before the borrower is eligible for deferment or forbearance.

Federal Perkins Loan

Amount: Award amounts are $5,000 a year with the maximum aggregate at $40,000. Parental information must generally be submitted on FAFSA.

Interest: Interest does not begin accruing for the borrower until repayment begins. The interest rate is 5% and remains fixed throughout the life of the loan.

Conditions: The borrower must fill out a FAFSA need analysis to demonstrate financial need. This loan is given out in halves when tuition is due.

Repayment: Each borrower has up to 10 years to repay this loan. Borrower enters repayment following a nine month grace period immediately after graduation or withdrawal.

Fees: No origination or guarantee fee is taken out of the Federal Perkins Loan.

Federal Graduate PLUS Loan

Amount: Up to Cost of Education minus other financial assistance

Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate throughout repayment is fixed at 7.9%.

Repayment: The borrower has up to 10 years to repay this loan. Deferment and forbearances are available during post-graduate training.

Fees: 4% is shaved off of all PLUS funds as an origination fee.

Short-term and Emergency Loans

Students experiencing temporary cash flow shortages may receive short-term or emergency loans. These funds are intended to help students deal with unexpected expenses such as medical bills or major car repairs. Students sign a promissory note and pay back the loan when their financial aid is wired to the institution. Twelve percent simple interest is charged on all loans. Remember to allow for the decrease in the next financial aid disbursement when preparing a budget.