Federal Subsidized
Stafford Loan

$3,500—$5,500

Submit FAFSA, award based on demonstrate need.

Variable interest rate caps at 8.25%, Interest is subsidized by the federal government so that no interest accrues to the loan while the student enrolled remains at least half-time. Payment of interest and principal begins the seventh month after the last date of enrollment.

Federal Unsubsidized
Stafford Loan

$3,500—$5,500

Submit FAFSA, no demonstrated need. Awarded with or instead of subsidized Stafford.

Interest rate and payment terms are the same as for the subsidized loans. However, since the government does NOT pay the interest on the loan, the student may elect to make interest payments while in school OR let the interest capitalize.

Federal PLUS Loan
(for Parents)

As needed up to the cost minus other financial aid

Application is made with the lender; must be creditworthy.

Parents may borrow the amount needed to cover educational costs minus other expenses not covered by financial aid. Payment of both interest and principal begin 60 days after final disbursement of the loan. Variable interest rate capped at 9%.

Alternative Education Loans

Amounts vary

Application is made with the lender, must be creditworthy.

An additional educational loan program designed for students, parents of students, other guardians, or creditworthy related co-signers.

Blakely Student Loan

Up to $1,250

Promissory Note

Awarded to the Office of Financial Aid as a supplement to other available resources. Low-interest-rate loan.

Federal Perkins Loan

$200—$2,000

Submit FAFSA; must demonstrate financial need, complete entrance counseling, and sign promissory note.

Repayment with 5% interest begins 10th month after the student terminated enrollment. Until that time, no payments are required and interest is paid by the government.