Student Loans

For many students, loans will make up a large percentage of paying for one’s higher education. The amount of your loan will be determined by an assessment of you and your parent’s income and assets each year you apply for aid.

Below are brief descriptions of the most popular student loans available. Click the loan type to learn more about the loan such as interest rate, requirements, limits, etc.

Perkins Loan: A federally subsidized loan that allows the student to borrow up to the amount suggested by the school at a 5% interest rate. Interest on the loan is subsidized by the federal government while the student is in school and does not begin to accrue until the student begins repayment nine months after graduation or ceases to be enrolled at least half time.


Subsidized Stafford Loan: A need-based federal loan which has a variable interest rate that changes every year on July 1. Federal government pays the interest on the loan while the student is still in school and six months after the student graduates or ceases to be enrolled at least half time.

Unsubsidized Stafford Loan: A federal loan that is not need-based and whose interest is not subsidized by the federal government. The student is responsible for the interest while in school and may either pay it quarterly or let it accrue while in school.

Parent Loans for Undergraduate Students (PLUS): A federal loan that is available to parents of undergraduate dependent students. This type of loan is not need-based and allows funding for the entire cost of the student’s education; including books, supplies, and living expenses.

Private Loan: Loans that are offered by banks, credit unions, and other private lenders. These loans are not sponsored by government agencies and interest and terms of repayment will vary.

Note: Some states have their own state-sponsored education loans. Be sure to ask the Financial Aid Office of your school if you qualify.