Investing in your future is money well spent. The federal government offers several loan programs for students who are seeking financial assistance to attend college. Students interested in participating in any of the loan programs must file the Free Application for Federal Student Aid (FAFSA) form annually for each year they attend school, meet the financial need requirements, be in good academic standing and have achieved satisfactory academic progress. Unlike grants and scholarships, college loans will need to be repaid once you earn your degree.
Subsidized loans are interest-free; the government pays the interest while you are enrolled at least half-time and during the six-month grace period. You must repay the entire loan amount, which begins six months after you graduate. Maximum award: $3,500 for the first year.
Unsubsidized loans accrue interest. This means interest is added to the loan while you are in school. The entire loan amount, plus all of the accumulated interest, must be paid back beginning six months after you graduate.
· First-year dependent students: Up to $5,500
· First-year independent students: Up to $9,500
· Second-year dependent students: Up to $6,500
· Second-year independent students: Up to $10,500
· Third- and fourth-year dependent students: Up to $7,500
· Third- and fourth-year independent students: Up to $12,500
The Parent/Grad PLUS Loan is a government-backed, no-collateral necessary loan available to parents of dependent undergraduate students and graduate students. The Parent/Grad PLUS Loan is not need-based but requires credit approval. Repayment of the Parent/Grad PLUS Loan begins 60 days after the second disbursement has been sent to the College. Graduate students interested in a PLUS Loan must also complete the online entrance counseling at www.studentloans.gov.
Maximum award: Up to cost of attendance, less other aid.
Students who are not eligible to receive federal direct loans can apply for an alternative or private educational loan. Students must select a bank and complete the bank’s online application and credit check. Alternative and private loans are credit-based and students who plan to apply for private education loans should review their credit report since credit worthiness is a requirement for these funds.
Maximum award: Up to cost of attendance, less financial aid.
Have questions about student loans or want to learn more about the loan programs through the federal government ? Contact our financial aid office.
How to reach us:
Phone: 1. 866.6VAUGHN, extension 100
When to see us:
Financial Aid Office Hours
Mondays through Thursdays: 8 a.m. to 7 p.m.
Fridays: 9 a.m. to 5 p.m.