Undergraduate Loans

Below is a list describing the different loans available to undergraduate students.

 

Federal Perkins Loans

  • Award is based on demonstrated need, availability of funds and federal regulations
  • Low-interest loan (5%); no interest accrues while the student is enrolled in at least half-time study
  • Priority is given to Pell-eligible students

Federal Stafford Subsidized Loan

  • Fixed interest rate, with a cap of 5.6% if first disbursed July 1, 2009 or after
  • $3,500 maximum* freshman eligibility
  • $4,500 maximum* sophomore eligibility

  • $5,500 maximum* junior/senior eligibility


  • Federal Stafford Unsubsidized Loan

  • Fixed interest rate, with a cap of 6.8%
  • Same terms and conditions as the subsidized loan, except the federal government does not pay the interest while the student is in college
  • Non-need based. Available to students who do not qualify for all or part of the subsidized loan.
  • Eligible independent students and dependent students whose parents cannot borrow a PLUS loan may borrow up to additional $6,000 during their freshman and sophomore years and $7,000 during their junior and senior years.
  • Undergraduate dependent students are now eligible for an additional $2,000.

* As of 2/09