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Loans

Federal Perkins

The Perkins Loan is a need-based, school-managed fund provided by the federal government.   Parental information is required on the FAFSA.  Entrance Counseling and a Promissory note must be completed before the loan is official.
Amounts:  Up to $8,000 annually for a Graduate student depending on availability of funds.  The maximum lifetime limit for the Perkins loan is $60,000.
Interest Rate: The interest rate is fixed at 5%
Disbursements:  All loans are disbursed in two equal halves -- one in the fall and one in the spring.  The amount of the Perkins Loan funds will be applied directly to the student’s tuition account with Student Account Services on Main Campus.  Any remainder after tuition is paid will be issued to the student by Direct Deposit Authorization Agreement by the University.
Fees:  No origination fees for this loan and no interest accrues during full-time enrollment.  Interest begins to accrue nine months after graduation, withdrawal, or enrollment of less than half-time status.
Repayment:  The standard repayment plan is ten years commencing after a nine-month grace period.

Federal Health Professions

The Health Professions Student Loan is a need-based, school-managed fund provided by the federal government. Parental information is required on the FAFSA.  Entrance Counseling and a Promissory note must be completed before the loan is official.
Amounts:  There is no regulated maximum, however yearly awards are dependent on availability of funds and the number of eligible students.  There is also no lifetime limit.
Interest Rate: The interest rate is fixed at 5%
Disbursements:  All loans are disbursed in two equal halves -- one in the fall and one in the spring.  The amount of the Health Professions Loan funds will be applied directly to the student’s tuition account with Student Account Services on Main Campus.  Any remainder after tuition is paid will be issued to the student by Direct Deposit Authorization Agreement by the University.
Fees:  No origination fees for this loan and no interest accrues during continued enrollment in a health professions program at full-time status.  Interest begins to accrue 12 months after graduation, withdrawal, or enrollment of less than half-time status.
Repayment:  The standard repayment plan is ten years commencing after a twelve-month grace period.

Federal Direct – Unsubsidized

Unsubsidized federal loans are not based on financial need. The school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.  (Requires the FAFSA)
Amounts:  Up to $44,944 annually from the unsubsidized loan or the Cost of Attendance, whichever is lower.  The maximum lifetime limit for the unsubsidized loan is $224,000.
Interest Rate: The interest rate changes each year on July 1st.  Interest begins to accrue immediately on the unsubsidized loans, but students may authorize their servicer to add the interest to the principal at the time repayment begins.
Disbursements:  All loans are disbursed in two equal halves -- one in the fall and one in the spring.  The amount of the Direct Loan funds will be applied directly to the student’s tuition account with Student Billing Services on Main Campus.  Any remainder after tuition is paid will be issued to the student by Direct Deposit Authorization Agreement by the University
Costs:  The origination fee changes each year on July 1st and will be deducted from each disbursement.
Repayment:  The standard repayment plan is ten years commencing after a six-month grace period.  Additional repayment plans are offered. 

Federal Direct – Grad Plus

Effective, as of, July 1, 2006 graduate students were eligible for the Graduate Plus Loan.  This loan is similar to the Parent Plus Loan for which some undergraduate students had eligibility if the parent needed to borrow the money.  Because of the increase to tuition and fees at most colleges and universities across the nation the Federal Government now allows graduate students to take part in this program.  (Requires the FAFSA.)
Amounts:  The maximum amount that a student can receive annually is the cost of attendance less all other aid the student received.
Interest Rate: The interest rate changes each year on July 1st.  To be eligible you must be a U.S. citizen or eligible non-citizen and provide a valid social security number.  Students must be enrolled at least half-time, must complete a FAFSA, Plus Master Promissory Note and must be credit worthy.
Disbursements:  All loans are disbursed in two equal halves; one in the fall and one in the spring.  The amount of the Direct Loan funds will be applied directly to the student’s tuition account with Student Billing Services on Main Campus.  Any remainder after tuition is paid will be issued to the student by automatic deposit or check from the University.
Costs:  The origination fee changes each year on July 1st and will be deducted from each disbursement.
Repayment:  The standard repayment plan is ten years commencing after a six-month grace period.  Additional repayment plans are offered.