Loan amounts are determined according to a student s need, cumulative borrowing and institutional allocation. The interest rate on these loans is 5 percent, and repayment begins nine months after borrowers cease to be enrolled at least half time. Federal Perkins funds are awarded according to institutional need-based criteria. Federal Family Education Loans or William D. Ford Federal Direct Loans Federal Family Education Loans or William D. Ford Federal Direct Loans are another source of federal student funding. Loans obtained through the FFEL program are obtained from banks, credit unions, or savings and loan associations, while the U.S. Department of Education serves as lender for William D. Ford Federal Direct Loans.
Students begin repaying the loan six months after ceasing to be enrolled at least half time.
The interest rate for new borrowers is variable, determined annually and capped at 8.25 percent. Students who previously borrowed under this program retain the interest rate in effect when they first borrowed. Repayment is usually completed within 10 years. Students who leave school or drop below half-time status are contacted by their lender to establish repayment schedules. Students must notify DeVry s Financial Aid Office and their lender of a change in their local or permanent address.