Student Loans

There are many ways to get funding for your education; one of the most widely used resources is a federal or private loan.

Federal Stafford

The Federal Stafford Loan is the most common type of federal student financial aid loan, and it requires the completion of the Free Application for Federal Student Aid (FAFSA). There are two types of Federal Stafford Loans:

Subsidized

A subsidized Stafford Loan is awarded on the basis of need and the federal government pays interest on the loan while you are enrolled at least half-time (six credits) and for one six-month grace period after you graduate or fall below half-time enrollment.

Unsubsidized

An unsubsidized Stafford Loan is not based on need and allows some students to borrow additional money. Students are responsible for the interest on an unsubsidized loan. No payments are required on any Stafford Loan until six months after you leave school or fall below six credits. If possible, you may want to pay accrued interest on an unsubsidized loan while you are enrolled.

For more information on Federal Stafford Loans, click here.

Federal PLUS Loan

Parents and stepparents of dependent undergraduate students attending school at least half-time may take out a Parent Loan for Undergraduate Students (PLUS). This is an unsubsidized loan that is often lower in cost than a private loan because the federal government guarantees it. Loan approval is subject to credit criteria established by the U.S. Department of Education and your lender. A PLUS loan must be repaid. It is the responsibility of the parents to make these payments.

For more information on Federal Plus Loans, click here.

Alternative Student Loans

Some students may need additional loan funds after maximizing their federal loan options or may not be eligible for federal loans and still need to borrow towards their education. Many lenders offer private alternative loans to help students meet the gap between financial aid and college costs.

Students must either meet the credit criteria of the loan for which they are applying or have a credit-eligible co-borrower. Many of these loans also require enrollment in six or more degree credits per semester, but there are options for students studying in non-degree classes or enrolled in less than half-time status.

Fore more information on Alternative Student Loans, click here.

International Student Loans

There are several educational loan programs available to international students and their families to help finance the cost of education.

Generally, lenders do not allow international students to apply online, and instead require that you mail them a paper application.

International Student Resources

eduPass Guide to Studying in the USA
http://www.edupass.org/finaid/

International Education Financial Aid
http://www.iefa.org/