William D. Ford Federal Direct Loans are student loans that must be repaid and are available to both undergraduate and graduate students. The federal government provides the funds for your Direct Loan through your school. First-year dependent undergraduates are eligible for a subsidized loan up to $3,500 and an additional unsubsidized amount of up to $2,000 for a total of up to $5,500. A subsidized loan is awarded on the basis of financial need. If you’re eligible for a subsidized loan, the government will pay (subsidize) the interest on your loan while you’re in school. For an unsubsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full. Annual maximum loan amounts increase for subsequent years of study.  Starting with the 2013-2014 academic year, students who borrow a Federal Direct Subsidized Loan for the first-time will only be able to borrow up to 150% of the published length of the program of study.  For a 4-year bachelor’s degree, the maximum period of subsidized eligibility is 6 years.  For additional information on the 150% Direct Subsidized Loan Limit

  • Subsidized loans first disbursed to undergraduate students on or after July 1, 2017 through June 30, 2018 have an interest rate of 4.45 percent.
  • Unsubsidized loans first disbursed to undergraduate students on or after July 1, 2017 through June 30, 2018 have an interest rate of 4.45 percent.

Direct PLUS Loans are unsubsidized loans made to parents of dependent undergraduate students. A dependent undergraduate student whose parent is unable to obtain a PLUS Loan may borrow additional Unsubsidized Direct Loan funds at the higher loan limits otherwise available only to independent undergraduates. Direct PLUS Loans first disbursed on or after July 1, 2017 have an interest rate of 7 percent.

The Federal Perkins Loan is a low-interest loan for students with financial need. The University acts as the lender for the loans and collects loan payments from students according to federal regulations.

Private organizations provide alternative educational loans to students as either a supplement to other types of educational loans or to provide an additional source of loan funds. Most are credit-based loans, and some will require periodic payments of principal and interest once disbursed. Interest rates vary, and a separate application is usually sent directly to the lender which is then forwarded to our office for certification of the student’s status.

We strongly recommend that students apply for all Federal Direct Loan eligibility before applying for an alternative loan. Please be aware that if you do not apply for your entire Federal Direct Loan eligibility, certification of your alternative loan could be delayed. Please contact our office if you have applied for an alternative loan and do not wish to borrow your Federal Direct Loan.

Click the link below to see a list of Alternative Education Loan options:


Click here for more information about financial aid.