Only those students who have not earned a bachelor's degree are eligible. Payment is based upon the number of hours worked and rate of pay. Priority is given to early applicants. Award amount is dependent upon allocation of funds available from federal sources. For Unsubsidized Loans, interest is applied the day the check is disbursed.
Students are responsible for the interest during their enrollment in school.
Eligibility is not need-based and a good credit history is necessary. Repayment begins 60 days after disbursement of funds. Parents may borrow cost of education minus other aid. Interest and repayment terms similar to Federal Direct Subsidized Stafford Loan. For full-time undergraduate students, satisfactory progress is defined as the successful completion of a minimum of 24 credits of academic work per academic year for students who enroll in the fall and 12 credits of academic work for those initially enrolling in the spring or enrolling only for the fall or summer term.