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) | 5.6% to 6.8% (fixed) | No | .5% | |
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 |