Federal Loans, Grants, and Alternative Loans
Federal Pell Grants are awarded to eligible undergraduate students with financial need who have not already earned a Bachelor’s Degree. During the 2014-15 award year, Federal Pell Grants for full time students range from $602 to $5730.
Federal Stafford Loans
Subsidized Federal Stafford loans are loans that the federal government pays the interest on while you are enrolled in school. Interest is also paid during periods of grace and deferment. Payments on this loan begin six months after finishing school.
Unsubsidized Federal Stafford loans are available as an additional source of funding for independent and dependent students or for those who do not qualify for the Subsidized Stafford loan (as determined by FAFSA). Dependent students can qualify for additional Unsubsidized Stafford loans funds if their parents are denied the Federal PLUS loan. Dependent students may receive up to $5500. Independent students may borrow up to $9500.
Federal PLUS Loans
Parents of dependent students can use the PLUS loan to cover any costs not already covered by the student’s financial aid package, up to the full cost of attendance. Currently, PLUS Loans first disbursed between 7/1/13 and 6/30/14 have a fixed interest rate of 6.41%.
Repayment on these loans begin 60 days after the funds are fully disbursed however parents may request a deferment. PLUS loans are the responsibility of the parent and are credit based.
Alternative Student Loans
Alternative Student Loans, also known as Private Education Loans, can be applied for and used to supplement other financial aid when there is a remaining balance. Alternative Student Loans are offered by private lenders and use their eligibility criteria.