The unsubsidized Stafford loan is available to those students not eligible for the subsidized Stafford Loan. The interest for subsidized Stafford Loans is paid by the government while the student is enrolled on at least a half-time basis, the interest for unsubsidized loans is paid by the student while enrolled in the program. Interest and principle payments begin six months after the student is no longer enrolled at least half time. Repayment begins six months after the student is no longer enrolled at least half time. A Federal PLUS Loan is a federally guaranteed loan available to parents of dependent undergraduate students.
Eligibility is based on credit worthiness.
The rate will be set every July 1st, for the year. Parents may borrow up to the cost of education minus other financial aid. Repayment of the Federal PLUS loan begins 30 days after disbursement of the loan proceeds. The Federal PLUS application is obtained from the bank and is processed through the Financial Aid Office at Lesley University. Repayment begins 45 days after the funds have been disbursed from the bank.