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The federal government provides a number of loan programs intended to help students and parents finance the cost of education.*  Most of these programs are non-credit based and usually feature lower interest rates than private loans or credit cards. The federal education loan programs offer lower interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your education.

Perkins Loans

The Perkins Loan is a subsidized loan, meaning the federal government pays the interest while you are in school on at least a half-time schedule, and for nine months after you leave school. The interest rate is only 5% and there is a 10-year repayment period. The Perkins Loan is awarded to students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government.

A Perkins Loan is limited to $4000 per award year, with a cumulative limit of $20,000. In addition to student need, loan amounts are determined by the funds available to your campus.

Stafford Loans

All Stafford Loans are either subsidized (the government pays the interest while you're in school) or unsubsidized (you pay all the interest, although payments are deferred until after graduation or if your academic schedule falls below half-time status). To receive a subsidized Stafford Loan, you must be able to demonstrate financial need.

Stafford loans have annual limits, based on a student’s dependency status and grade level.

A Stafford Loan is limited to the following amounts for a dependent undergraduate student whose parents are able to obtain a federal PLUS loan:

• First year - $3,500 combined subsidized and/or unsubsidized plus $2,000 additional unsubsidized
• Second year - $4,500 combined subsidized and/or unsubsidized plus $2,000 additional unsubsidized
• Third, fourth and fifth year - $5,500 combined subsidized and/or unsubsidized  plus $2,000 additional unsubsidized

A Stafford Loan is limited to the following amounts for an independent undergraduate student or a dependent undergraduate student whose parents are unable to obtain PLUS loans due to adverse credit or other documented exceptional circumstances:

• First year - $3,500 combined subsidized and/or unsubsidized plus $6,000 additional unsubsidized
• Second year - $4,500 combined subsidized and/or unsubsidized plus $6,000 additional unsubsidized
• Third year - $5,500 combined subsidized and/or unsubsidized plus $7,000 additional unsubsidized  

Stafford Loans have fixed interest rates (currently 6%). All lenders offer the same rate for a Stafford Loan, although some lenders give discounts for on-time and electronic payments.  Repayment begins six months after graduation. You must also begin repaying a Stafford Loan if your academic schedule falls below half-time status.

PLUS Loans (for parents)

A Federal Parent Loan for Undergraduate Students (PLUS) lets parents borrow money to cover any costs not already covered by their dependent student's financial aid package. PLUS loans have fixed interest rates (currently 8.5%). Repayment begins 60 days after the funds are disbursed with repayment terms of up to 10 years.  If needed, there are special provisions to delay repayment until after the student graduates or his/her academic schedule falls below half-time status.

The parents, not the student, are responsible for the repayment of PLUS loans. If the student agrees to make payments on the PLUS loan, but fails to do so, the parents are held responsible.

*Financial aid is available to those who qualify.