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)
|
6.8%
(fixed)
|
No
|
1.0%
|
|
|
Student, with remaining need after full Stafford
|
$3,000
|
5.0%
(fixed)
|
No
|
None
|
|
|
Parent
|
Up to full cost of school
|
7.9%
(fixed)
|
Yes
|
2.5%
|
|
|
Student, usually with cosigner
|
Up to full cost of school
|
Based upon credit (variable)
|
Yes
|
Varies
|
