We encourage you to explore www.studentloans.gov for valuable information and resources on borrowing federal student and parent loans. You can learn about responsible borrowing, interest rates, loan terms and loan repayment options. Loan repayment charts and online calculators can help you estimate future loan payments so you can plan ahead and borrow wisely.
To get you started, here are a few monthly payment estimates based on a standard, 10-year repayment plan at an interest rate of 4.7%:
* Interest Rates apply to Direct Loans first disbursed on or after July 1, 2014 but before July 1, 2015. Interest rates are set by Congress each year, and updated information on interest rates will be made available each year after the rates are published by the U.S. Department of Education. For prior year interest rate information, please visit www.studentloans.gov or contact the Financial Aid Office.
Direct Loan Entrance Counseling
First time borrowers of Federal Direct Loans must complete entrance counseling for comprehensive information on terms, conditions, rights and responsibilities of borrowing Direct Loans before your loan funds will disburse to your student account.
Master Promissory Note
The promissory note is a binding agreement you sign promising to repay your loans in the future and to accept the terms, conditions, rights and responsibilities of your federal student loans. You must complete the promissory note before your loan funds will disburse to your student account.
Parent PLUS Loan
Parents of dependent undergraduate students without adverse credit may wish to explore federal Direct PLUS Loan funds to help pay for educational expenses not covered by other types of student aid.
Private Student Loan Options
We encourage you to maximize all federal and state financial aid options before considering private student loans. Keep in mind that federal loans usually offer borrowers better interest rates, benefits like fixed interest, and more flexible repayment options than loans from private sources. However, you may have unmet costs after all government sources are exhausted and may wish to research private loans.
Direct Loan Exit Counseling
Students graduating, withdrawing or dropping below half time enrollment must complete exit counseling for comprehensive information on borrower rights and responsibilities, including various repayment options, debt management strategies and consequences of default.