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The largest source of financial aid funding are loans, which are borrowed funds that need to be repaid, with interest.

Loans are legal obligations, so before you take out a student loan, you should consider the amount you will have to repay following graduation.

Federal Direct Loans

You must be enrolled in a minimum of six credits to be eligible for Federal Direct Loans. These funds are borrowed directly through the federal government, and give you the option to choose from several repayment plans.

Loans are classified as either subsidized, or unsubsidized. Subsidized loans are based on need, and don’t accumulate interest until after you go into repayment. Unsubsidized loans are not need-based and begin incurring interest immediately.

Parent PLUS Loans

These loans allow parents with good credit histories to borrow funds for the educational expenses of their dependent students. Parent PLUS loans can be used to pay for tuition and fees, room and board, books and supplies, transportation and other costs of attending college.

Alternative Student Loans

Also referred to as private student loans, are borrowed directly from lending institutions. We encourage you to exhaust all federal aid and direct loan opportunities before applying for an alternative loan, since most alternative loans offer variable interest rates and direct loan opportunities offer fixed interest rates.