Federal Student Loans
Federal student loans are a common way to pay for college. Students borrow the money directly, and are responsible for paying it back after leaving the university or dropping below a half-time credit load.
To qualify for a loan, first complete the Free Application for Federal Student Aid, or FAFSA.
There are two main types of federal student loans:
- Subsidized loans are based on financial need; the federal government pays the interest that accrues while you are in school.
- Unsubsidized loans are not based on financial need; interest accrues while you're in school.
First-time borrowers of federal loans must complete requirements including promissory notes, entrance counseling and exit counseling when completing or departing the university.
Direct loans are available to both undergraduate and graduate students. For undergraduate students, these loans may be subsidized, unsubsidized, or a combination of both; only unsubsidized loans are available for graduate students.
There is a six-month grace period prior to repayment following graduation, withdrawal or a drop below half-time status.
Please complete the Change Form when declining financial aid.