To receive a Federal Student Loan or Parent Plus Loan:
- Students must be enrolled at least half time and making satisfactory academic progress.
- Be a US citizen or an eligible non-citizen.
- Borrowers may not be in default on any FSA loan or owe an over payment on an FSA Grant or loan and have not made repayment arrangements for the default or over payment.
Choose Loans Carefully
If you do need to borrow a private loan, do some research and choose the one that is best for you.
The private/alternative loan is an educational loan through a lender chosen by the borrower to provide a source of financial assistance for your education that is not covered by other forms of financial aid. The loan programs are not federally guaranteed or subsidized. These loans are offered by lenders from the private sector and have no connection to the federal government. Interest rates are variable and based on market interest rates (such as Prime Rate or LIBOR) that can change on a quarterly basis.
Eligibility is based on the review of the borrower's and/or co-borrower's credit worthiness and ability to repay the loan. Approval is not guaranteed. Maximum loan amount is limited to the cost of attendance minus any other financial aid you are receiving. Students are responsible for researching the terms and conditions of all loan programs. Students interested in a Private/Alternative loan should contact the Office of Financial Aid to determine the amount of student loan you should request and/or pursue any other financial aid options. This loan should be used after all other Federal funds have been exhausted. Federal aid is always a better option. The student should then review all lenders terms and conditions to select the loan program which best meets their needs.