Sources of Financial Aid
To qualify for federal student aid you must be a US citizen or an eligible non-citizen enrolled as a regular student in an eligible degree or certificate program. Graduate students must be enrolled in at least five units per semester in order to be eligible for federal loans.
Types of Federal and Private Loans
- Federal Stafford loans are made available to university students to help pay for the cost of education. Students must be enrolled at least half time to be eligible. Students are eligible to receive Stafford loans regardless of credit history. As of 2012, only unsubsidized loans are available to graduate students. Repayment begins six months after the student leaves school or falls below half-time status. For the 2014-2015 academic year, unsubsidized Stafford loans are offered at a fixed 5.41% interest rate.
- Unsubsidized Stafford Loan—Interest accrues while the student is in school. Not based upon need.
- Graduate Plus loans are available to graduate students to help pay for the cost of education. The federal government sets the interest rate, limits fees, and sets minimum deferment options for federal Grad Plus loans. For the 2014-2015 academic year, Grad Plus is offered at a fixed 6.41% interest rate. This loan is available to students who need to borrow more than the maximum unsubsidized loan amounts to meet their education costs. A credit check will be performed during the application process. If you are approved, you must complete a new Master Promissory Note.
- Private or alternative loans are available when federal loans and other aid do not cover your cost of education. Private educational loan programs vary by lender and all are credit based. Please review the link to see a list of available lenders. These lenders have provided excellent customer service and benefits designed to meet the needs of students. You are not required to borrow from one of the listed lenders. you may use another lender of your choosing. Please contact the Financial Aid office if you choose a lender that is not listed.