These loans carry an interest rate of 5 percent for new borrowers with repayment beginning nine months after the applicant graduates or ceases to carry at least a half-time academic load. The PLUS loan program enables parents of dependent students to borrow directly from lending institutions to assist in defraying the cost of attending eligible post-secondary institutions. Repayment of both principal and interest begins immediately. This program is offered by the Cashier's Office. The University Student Loan program is designed to assist students with special needs for tuition.
All loans carry a small handling fee payable at the time of disbursement.
Loans are repayable within the academic term in which funds are borrowed. Application for tuition loans should be made as soon as possible after registration so that eligibility can be determined. The Federal Pell Grant is a Federal aid program designed to provide financial aid to those who need it to attend post-secondary educational institutions. The amount of the basic grant is determined on the basis of the student's and the family's resources. Federal SEOG grants are Federal grants designed to assist undergraduate students demonstrating exceptional financial need.