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Types of Loans
(DL) Subsidized Stafford Loan
The Subsidized Stafford Loan is awarded to undergraduate and
graduate students on the basis of financial need determined
by the Free Application for Federal Student Aid (FAFSA). The
federal government provides the funds for this loan. The
federal government pays the interest on this loan until you
begin repayment. Repayment of this loan will begin six
months after you graduate, leave school, or drop below
half-time enrollment (6 hours).
(DL) Unsubsidized Stafford Loan
The Unsubsidized Stafford Loan Program was created by the
government to assure that all students, regardless of their
income, would be able to obtain a student loan. The federal
government does not pay the interest while you are in
school. Interest will be charged from the time the loan is
disbursed until it is repaid in full. If you decide to
capitalize or defer the interest, it will be added to the
principle amount of your loan and this will increase the
amount you have to repay. If you choose the option of paying
the interest as it accumulates, then you will pay less in
the long run. Repayment of the interest and principle will
begin six months after you graduate, leave school, or drop
below half-time enrollment (6 hours).
(DL) Parent (PLUS) Loans
The purpose of the Parent Plus Loan is to assist parents by
providing a source of loan funds to help pay the cost of
education for dependent undergraduate students. Parents may
borrow up to the full cost of attendance less any other
financial assistance the student receives. Parents must be
able to pass a credit check or obtain a 'co-signer' who is
able to pass the credit check. Both the parent and student
must meet general eligibility requirements for federal
financial assistance. Students must be enrolled at least 6
hours each semester to be eligible.
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