Loans

The Federal Stafford Loan Program(subsidized and unsubsidized) provides federal backing for loans made through private lending agencies such as banks, savings and loans, and credit unions. A maximum of $2,625 per academic year may be applied for in most states for freshmen, $3,500 for sophomores, $5,500 for juniors and seniors, and $8,500 for students enrolled in graduate school if the educational costs warrant borrowing this much money. Total loans outstanding may not exceed $23,000 for undergraduates. The aggregate maximum may be extended to $65,500 for students who borrow for graduate study.

Federal PLUS Loans are for parents to assist with payment of education expenses for sons and daughters. These loans provide additional funds for education expenses and are not need-based. Funds are provided by banks, credit unions, or savings and loan associations. Each year parents may borrow up to the cost of education less financial aid.

Campus-Based Programs

Federal Work Study provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses.

Perkins Loans are low-interest (5 percent) loans that must be repaid; the maximum annual loan amount is $6,000 for graduate students.

Visit the Federal Financial Aid site for more information.

 

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