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Education Loans
Loans are borrowed money that must be repaid, usually with interest. You may need to consider education loans once you have exhausted your free money options like scholarships, grants and work-study programs.
What types of loans are available?
There are several types of education loans that students and their parents may borrow to cover college costs. These loans can be made through two different programs – the Federal Direct Student Loan Program (FDSLP) or the Federal Family Education Loan Program (FFELP). Your Financial Aid office can confirm which program they use.
Federal Perkins: Low-interest loans (for undergraduate and graduate students) offered by participating schools and awarded based on financial need.
 You can apply for Perkins Loans through the FAFSA.
Stafford Loans: Loans available to eligible undergraduate and graduate students used to help pay for your tuition, room and board, and other college fees. Stafford Loans can either be unsubsidized (the borrower pays the accruing interest) or subsidized (the government pays the accruing interest).
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Parent PLUS Loans: Parent PLUS loans are available to parents of dependent, undergraduate students and may be used to help fund up to 100% of the estimated cost of their student’s college attendance.
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Grad PLUS Loans: Grad PLUS loans are available to graduate or professional students and may be issued to help cover the remaining cost of their college expenses after they have exhausted all other financial aid options.
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Alternative / Private Loans: Unsecured, credit-based loans made by a bank, financial institution, or school for undergraduate, graduate, or professional students. Alternative Loans should be used as your last resort, as they typically have higher interest rates.
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