At the time of disbursement you must be
Direct Subsidized Loans
Low interest loan that must be repaid and is based on financial need and grade level. Students must be enrolled part-time (6 semester hours for undergraduate students and 5 semester hours for graduate students) . The government pays the interest for the student while they are in school.
Direct Unsubsidized Loans
Not based on need. Unlike the Subsidized loan, students (not the government) are responsible for paying the interest while in school, during the six-month grace period, and during periods of authorized deferment. Loan repayment begins 6 months after you leave school at variable interest rates with up to 10 years to repay.
Direct PLUS Loans
Credit based loans for parents who may borrow up to the cost of attendance per year, for each child who is a dependent undergraduate student and is enrolled at least part-time. With a fixed interest rate of 8.5% accrual begins at disbursement. Repayment starts 60 days after the first loan check has been disbursed. For more information regarding a Direct PLUS Loan, please go to Federal Student Aid's Direct Loans information for Parents website. Before we can originate a PLUS loan, the student must have a completed FAFSA on file.
Direct Graduate PLUS Loans
Credit based loans for graduate students enrolled at least half-time (in at least 5 credit hours a semester). They may borrow up to the cost of attendance minus all other financial aid received. With a fixed interest rate of 8.5% accrual begins at disbursement. Repayment starts 60 days after the first loan check has been disbursed. Before we can originate a Graduate PLUS loan, the student must have a completed FAFSA on file and already applied for the maximum eligibility of Direct Subsidized/Unsubsidized Loans. To apply, you may go to StudentLoans.gov.
Private (Alternative) Loans
Non-need based programs designed to assist in educational and living expenses based on a student's credit history.
When will I receive my loan funds?