Perkins Loan $100-$1,000 per year
No interest charged while borrower is enrolled at least half-time. Repayment and interest beginning nine months after graduation on a monthly basis. Repayment extendable to 10 years with a minimum monthly payment of $40. Based on financial need and at least half-time enrollment. Interest at 5 percent during repayment.

Federal PARENT Loan for Undergraduate Students (PLUS) - This is a Parent loan for dependent students. Origination fee is 3%. Interest is fixed at 8.5%. Repayment begins 60 days after the loan is fully disbursed (March). Not based on financial need. Some lenders offer forbearance options which allows parent to defer payments until student graduates. Click here to select a lender.

Subsidized Stafford Loan - Eligibility determined by grade level and need. Must submit a Free Application for Federal Student Aid. If approved, aggregate amount up to $23,000 for all undergraduate study. Interest is subsidized as long as the student is enrolled at least half-time. Repayment and interest accumulation begin six months after graduation on a monthly basis. Repayment extendable to 10 years with minimum monthly payments of $50. Must complete a Master Promissory Note (MPN). Click here to select a lender.

Unsubsidized Stafford Loan - Same as subsidized Stafford, except not based on financial need. Students are responsible for quarterly interest on the loan while in attendance at college. Interest accumulates immediately at a fixed rate of 6.8%. Students may or may not choose to pay interest on the loan while in attendance at college. Click here to select a lender.

Additional Private Student Loans- Several financial institutions provide low-interest loans for students who might need additional assistance. The various loans differ by interest rate, interest capitalization, guarantee fees, and co-signer options. There are very few that will allow a student to borrow on their own credit. Students have found that applying with a co-signer results in a lower interest rate.  Interest begins accruing at disbursement but  in most cases no payment is required until six months after graduation or a student drops below half-time enrollment. We recommend that students compare several lenders before selecting a private loan. For your convenience, click here to access a list of alternative loans available from private lenders.