Types of Loans

Federal Loans

To be considered for any federal loans, students need to file the Free Application for Federal Student Aid (FAFSA). After submission, please allow 5 to 7 business days for our office to receive your FAFSA. Student offers will be available in the summer of the upcoming year. 

Please review the terms and conditions below regarding the types of federal loans available and the requirements needed to complete them. You can view a list of all federal loans received here: Federal Student Aid.

Federal Direct Unsubsidized Loan

You can find more information regarding the Federal Direct Unsubsidized Loan by visiting Federal Student Aid or accessing the Guide to Unsubsidized Loans (PDF).

Interest Rate: Current interest rate is 7.05% between July 1, 2023, to July 1, 2024

Origination Fee: On or after October 1, 2020, 1.057% 

Grace Period: Repayment begins 6 months after a student graduates, leaves school, or drops below half-time enrollment. Interest accrues when the student loan disburses. 

Steps to receive the loan after filing the current year's FAFSA: 

• Accept your loan through your Financial Aid Notice (FAN)
• Complete the Master Promissory Note 
• Complete the Entrance Interview 

After the loan has been accepted and all requirements completed, please allow 7 to 10 business days to receive the funds after the initial term disbursement date.  

Federal Direct Graduate PLUS loan

You can find more information regarding the Federal Direct Graduate PLUS Loan by visiting Federal Student Aid or accessing the Guide to the Graduate PLUS Loans (PDF). 

Interest Rate: Current interest rate between July 1, 2022, to July 1, 2023, is 8.05%

Origination Fee: On or after October 1, 2020, 4.228%

Grace Period: No federal grace period; can request a deferment while the student is in school

Steps to receive the loan after filing the current year's FAFSA: 

• Accept your loan through your Financial Aid Notice (FAN)
• Upon acceptance, an automatic application will be sent to Student Aid, and a credit check will be done on the applicant's account 
• Complete the Master Promissory Note 
• Complete the Entrance Interview 

After the loan has been accepted and all requirements completed, please allow 7 to 10 business days to receive the funds after the initial term disbursement date.  

Loan for Disadvantaged Students (LDS)

Students are considered for this loan based on an extensive review of their family's economic situation. Eligibility is determined mid-Fall semester, and biological parental information must be included in the assessment through the Institutional Application and parental information submitted on the FAFSA. Students do not need to submit additional requests to determine eligibility. 

Interest Rate: 5% after deferment

Origination Fee: 0% 

Grace Period: Repayment begins 12 months after a student completes residency, leaves school, or drops below half-time enrollment. 

If you are deemed eligible, you will receive an email notification from the Financial Aid and Scholarships office outlining the next steps. 

What to consider as a loan borrower

Before accepting offered loans, you may begin to review what it means to be a loan borrower, and how to select the various loans offered using some of the resources below.