Loans

Federal Loans

The amount you may borrow through the Federal Direct Loan program is indicated on your offer letter. You must have a valid FAFSA on file and meet eligibility requirements to be offered a Federal Direct Loan.

Direct Subsidized Loan (undergraduates only)
  • Based on financial need
  • 5.50% fixed interest rate on loans disbursed on or after July 1, 2023
  • Interest-free while enrolled at least half-time
  • Repayment begins six months after student is no longer enrolled at least half-time
  • 1.057% origination fee*
  • Loan is typically disbursed in roughly one week after everything is completed, and school has started.
Direct Unsubsidized Loan
  • 5.50% (7.05% for Graduate Students) fixed interest rate on loans disbursed on or after July 1, 2023
  • Interest accrues while student is enrolled. (Student is encouraged but not required to pay interest while in school.)
  • Repayment begins six months after student is no longer enrolled at least half-time
  • 1.057% origination fee*
  • Loan is typically disbursed in roughly one week after everything is completed, and school has started.

Graduate PLUS Loan – for graduate/professional students
Parent PLUS Loan– for parents of dependent undergraduates

Mid-Year Grade Level Change
Annual loan limits are based on a student’s year in school. Once a student moves from a 1st year to a 2nd year, they may be eligible for up to an additional $1,000 in federal loans. The same goes for a 2nd year moving to a 3rd year student. If, after the end of the fall term, you believe you have earned enough credits to progress to a new grade level and annual loan limit and would like to request additional loan funds, please contact the student loan coordinator in the financial aid office. The student loan coordinator will review your credits to determine if you are eligible for additional federal loan funds.

Private Loan Options

Citizens, College Ave, CU Student Choice, Earnest, Sallie Mae, SELF, SoFi

These lenders were selected for our lender comparison list based on the information gathered from our annual private loan review of over 15 private lenders. The information reviewed includes interest rates, origination fees, borrower benefits, deferment and repayment options, and cosigner release options, in addition to reviewing the most used lenders by former students.

Why these lenders were selected for our list

We feel the lenders represented on our list best fit the criteria we set forth. Our list of lenders is reviewed and updated annually. This list does not contain affiliated lenders.

For these lenders:

  • Loan is taken out by the student with a credit worthy cosigner*
  • Interest rate is determined by the lender
  • Fees are determined by the lender
  • Loan is typically disbursed approximately one month after all steps of the application process are complete, and school has started

*Lender may also have parent and/or graduate student loan options

*Private loan processing for 24/25 academic year will begin in June* Borrowers are encouraged to begin applying in June/July

PLUS Loans

Parent PLUS Loan

The Parent PLUS loan is a Federal Direct Loan for eligible parents of dependent undergraduate students to help pay for educational expenses not covered by other financial aid. Eligibility is not based on financial need but does require a credit check for approval. Credit checks remain valid for 180 days, therefore, it is recommended to apply no sooner than 1 month prior to when the loan is needed.

A PLUS loan can cover the full academic year (split evenly between semesters) or you can apply one semester at a time. A PLUS loan, in combination with a student’s other financial aid, cannot exceed a student’s cost of attendance. Families are encouraged to exhaust all other financial aid options prior to seeking PLUS or private loans.

  • Loan is taken out by the parent/stepparent on behalf of the student
  • Student must have a valid FAFSA on file
  • Parent/stepparent is responsible for repayment of the loan
  • 8.05% fixed interest rate on loans disbursed on or after July 1, 2023
  • 4.228% origination fee*
  • Repayment begins 60 days after the loan is fully disbursed
  • Loan is typically disbursed roughly one week after everything is completed, and school has started

To apply for a Federal Direct Parent PLUS Loan, it is necessary to complete the steps below. All steps must be completed by the same parent:

  1. Apply for a PLUS loan:This step should be done for initial applications, as well as requests for an increased amount, or additional loan. The borrower (parent) must log in using their own FSA ID (what was used to sign the FAFSA). If you do not have an FSA ID, you can create one here. If you are unsure of the amount you’d like to request please select “maximum” so we may contact you, or contact the financial aid office directly.
  2. Loan Agreement (MPN):Parents who have previously borrowed for the same student do not need to complete this step again. Please note that the Loan Agreement (MPN) only needs to be filled out once for each child.
  3. Annual Student Loan Acknowledgement *optional*: Completed by the parent borrower. Log in using your FSA ID to review borrowing.
Deferment Request

Parent PLUS loans do not enter automatic deferment when a student is enrolled at least half-time.

During the online application process, you can choose to request a deferment of payment until your child ceases to be enrolled on an at least a half-time basis. In addition, you can also select to extend that deferment an additional 6 months from the point the at least half-time enrollment ceased. Alternatively, you may contact your loan servicer to complete a deferment request form. Even while deferred, interest will continue to accrue.

Graduare PLUS Loan

The Grad PLUS loan is a Federal Direct Loan for graduate or professional students to help pay for educational expenses not covered by other financial aid. Eligibility is not based on financial need but does require a credit check for approval. Credit checks remain valid for 180 days, therefore, it is recommended to apply no sooner than 1 month prior to when the loan is needed.

A PLUS loan can cover the full academic year (split evenly between semesters) or you can apply one semester at a time. A PLUS loan, in combination with a student’s other financial aid, cannot exceed a student’s cost of attendance. Students are encouraged to exhaust all other financial aid options prior to seeking PLUS or private loans.

  • Loan is taken out by the student
  • A valid FAFSA must be on file to reiceve the loan
  • 8.05% fixed interest rate on loans disbursed on or after July 1, 2023
  • 4.228% origination fee*
  • Repayment begins 6 months after a student graduates, withdraws, or falls below half-time enrollment
  • Loan is typically disbursed roughly one week after everything is completed, and school has started

To apply for a Federal Direct Graduate PLUS Loan, it is necessary to complete the steps below:

  1. Apply for a PLUS loan:This step should be done for initial applications, as well as requests for an increased amount, or additional loan. The borrower must log in using their FSA ID (what was used to sign the FAFSA). If you do not have an FSA ID, you can create one here. If you are unsure of the amount you’d like to request please select “maximum” so we may contact you, or contact the financial aid office directly.
  2. PLUS Loan Agreement (MPN): The Graduate PLUS MPN is different from the Direct Unsubsidzied Loan MPN. Borrowers should complete an MPN for EACH type of loan they expect to use.
  3. Annual Student Loan Acknowledgement *optional*: Log in using your FSA ID to review borrowing.