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Loans

A loan is financial aid that must be repaid with interest. Any student may obtain a federal loan; however, the type of loan will be determined by the student's financial need.
 
LOAN TYPE
BORROWER
MAXIMUM AMOUNT
(PER YEAR)
CURRENT INTEREST RATE
CREDIT CHECK REQUIRED?
INITIAL FEES
Student
$5,500 (freshman)
4.66%
(fixed)
No
1.072%
Student, with remaining need after full Stafford
$3,000
5.0%
(fixed)
No
None
Parent
Up to full cost of school
7.21%
(fixed)
Yes
4.288%
Student, usually with cosigner
Up to full cost of school
Based upon credit (variable)
Yes
Varies