Loans for Students
Federal Subsidized Stafford Loan
- Students must demonstrate financial need to qualify for the subsidized Stafford Loan.
- Need is determined by completing the FAFSA application
- Low fixed interest rate of 3.86% for loans borrowed in the 2013-14 school year
- No payments are required while the student is enrolled in college at least half-time.
- Interest does not accrue while the student is enrolled in college at least half-time
- Payments begin six months after graduation.
Federal Unsubsidized Stafford Loan
- All students meeting federal eligibility requirements qualify for the unsubsidized Stafford loan regardless of demonstrated need.
- You must file the FAFSA application to confirm eligibility
- Fixed interest rate of 3.86% for undergraduate loans and 5.41% for law student loans borrowed in the 2013-14 school year.
- No payments required while student is enrolled in school
- Interest begins accruing as soon as the loan is disbursed. You are not required to make payments on the interest, but doing so will save you money over the life of the loan. If you choose to not pay the interest while in school, then the interest is added to the principal balance when the loan enters repayment.
Grad PLUS Loan (Law Students only)
- Low fixed interest rate at 6.41% for loans borrowed in the 2013-14 school year
- Non-need credit based loan with the benefit of a fixed interest rate and a federal guarantee
- Payments can be deferred while you are in school
- Cosigner not required
- Interest paid is tax deductible for most grad students