Repayment of the Perkins loan is deferred until nine months after the student graduates or leaves school. The Direct Student Loans are available to help a student finance his or her education using low-interest loans. A separate application is not necessary. Depending on the type of loan you qualify for, interest on the loan may not accrue until six months after you cease at least half-time enrollment. Repayment of the loan also begins six months after the student ceases at least half-time enrollment in college.
Interest rates are variable.
If you are eligible for a Federal Direct Student Loan and wish to participate in the loan program, you must sign your promissory note which is available in the Financial Aid Office. You must show financial need to receive this type of loan. The federal government charges you interest on these loans while you're in school, in your grace period, or in deferment. You can get this type of loan regardless of financial need. Parents of independent students are not eligible for Direct PLUS Loans.