Payment Options

Federal student aid includes Title IV funding, loans and grants, and other programs. In order to qualify for any form of federal student aid, a student must be enrolled in a program which is approved for federal student aid by the U.S. Department of Education. Students are granted a finite amount for undergraduate and graduate loans. Students may contact the Office of Student Accounts for more specific information. Federal student aid is available to those who qualify.

Federal Subsidized Direct Loan: Federal Subsidized Stafford Loans are for undergraduate students with financial need. No interest is charged while the student is enrolled at least part-time. The loan goes into repayment six months after the student leaves school, graduates, or drops below part-time enrollment. The standard repayment term is ten years for an undergraduate program.

Federal Unsubsidized Direct Loan: Federal Unsubsidized Stafford Loans are non-need based student loans from the federal government. The terms and conditions are the same as those for Subsidized Stafford Loans except the student is responsible for the interest throughout the life of the loan. The student has two options of repayment of the accrued interest, either pay the interest while in school or it is capitalized (i.e. added to the loan principal amount) once the loan enters repayment.

Federal PLUS Loans: There are two kinds of Federal PLUS Loans. Parent PLUS loans are available to parents of dependent students to help pay for the educational expenses of the student. Parents may borrow up to the cost of attendance minus other aid per eligible dependent student. Grad PLUS Loans are available to graduate students to help cover education expenses. The process for these loans is the same as for all federal student aid. Loan approval is based on the credit history of the applicant. Repayment begins within 60 days of the final loan disbursement, with the option to defer payment while the student is enrolled at least part-time.

PLUS loans are not based on need, but when combined with other resources, cannot exceed the cost of education. Repayment of Stafford Loans starts six months after the student drops below part-time status, withdraws from the University, or graduates.

The six months between when the student leaves the University and when the student must start repaying the loan is considered the grace period.

Federal Pell Grants: Federal Pell Grants may be available in addition to other financial assistance for students working toward their first undergraduate degree. In order to determine eligibility, students must complete the Free Application for Federal Student Aid (FAFSA). The student’s expected family contribution (EFC), the cost of attendance, the student’s enrollment status, and whether the student attends for a full academic year or less determines eligibility and disbursement amounts. Federal Pell Grants do not need to be repaid and do not accrue interest.

Any Pell Grant eligible student whose parent or guardian died as a result of military service in Iraq or Afghanistan after September 11, 2001 receives the maximum annual award. Students must be under 24 years old or enrolled at least part-time in college at the time of the parent’s or guardian’s death.