Unlike grants and work-study, which do not have to be repaid by the student, loans must be repaid after graduation or when attendance drops below half-time status (6 credit hours).
The following types of federal loans are available to students and/or their parents. If you decide to borrow always think of federal aid first! All students must complete a FAFSA application annually to be considered for federal aid, including loans.
Federal Loan Application Deadlines
All federal loans must be accepted in Banner and originated before the student ceases to be enrolled at least half-time (6 credits) or the semester ends, whichever happens first.
Current and Historical Interest Rates
All current and historical interest rates for Federal Direct Loans can be found on the Federal Student Aid website.
The Bipartisan Student Loan Certainty Act of 2013 sets Direct Student Loan interest rates to the 10-Year Treasury Note index. New Direct Loan rates are set each July 1st for new loans taken out in that year.
Additional Loan Fees (origination fees)
Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you borrow. You are responsible for repaying the entire amount you borrowed, not just the amount you received.
Origination fees are listed on the Federal Student Aid website