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A loan is money you borrow and must repay with interest under varying terms and conditions.
If you decide to take out a loan, make sure you understand who is making (i.e. offering) the loan and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Federal student loans are available to most students regardless of income and provide a range of repayment options.
While it is important to be cautious of irresponsible borrowing, loans are considered an integral part of a student's Financial Aid package. Please carefully review the different types of loans available below and consider each one as a viable option for financing a college education.
The U.S. Department of Education’s federal student loan program is called the William D. Ford Federal Direct Loan (i.e. Direct Loan) Program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available:
Eligible students will be offered Direct Subsidized and/or Direct Unsubsidized Loans upon completion of the FAFSA.
For eligibility, loan limits, terms, and current rates/fees for the Parent PLUS loan, click here.
Note: If you are denied a Parent PLUS loan, your student may be eligible for additional unsubsidized loan funding. Please have your student contact the Financial Aid Office for more information.
Login to the Federal Student Aid website and select "My Aid" to view information about all of the federal student loans, and other financial aid, you have received. You can also get the contact information for your loan servicer here.
Private or alternative student loans are loans for undergraduate and graduate students from private sources, such as a bank or financial institution, generally used to supplement Federal Direct Loans.
Find resources curated by the Financial Aid Office to assist you in your post-education debt-management needs.