Federal loans are the largest source of student loans. These loans have more favorable
terms than private loans; therefore, you should try to obtain federal loans before
looking into private loans whenever possible.
The Federal Stafford Loan Program provides financial assistance through lenders to expand higher education opportunities for undergraduate, graduate, and professional students attending postsecondary schools at least half-time.
Applying for a Student Loan
You must first complete the Free Application for Federal Student Aid (FAFSA). You must also complete a Stafford Loan application and return it to the Financial Aid Office. Upon receiving a Stafford Loan, you must visit studentloans.gov and complete the following:
- Online Entrance Counseling.
- Electronically sign your Master Promissory Note (MPN).
- Accept any portion of student loan via their self-service account.
When do I have to repay my loan?
You receive a six-month grace period before starting repayment on Stafford Loans after dropping below half-time study, graduation from college, or leaving school for other reasons. It is very important to communicate with the Financial Aid Office throughout your enrollment to ensure you stay in good standing with your loan. The college provides many resources to help manage student debt and repayment.
What is the interest rate on a student loan?
The rate can change per year; however, the rate should not rise above 8.25%