The eligibility requirements for a subsidized loan from this program
are not the same as for the campus-based programs. If you do not
qualify for a subsidized federal direct student loan, you may borrow
from this program and receive an unsubsidized loan.
With a subsidized Federal Direct Loan, no interest is charged and
no repayment is required until six months after you cease to be
enrolled on at least a half-time basis. If you borrow from this
loan program and receive an unsubsidized loan, interest will accrue
while you are in school, and during grace periods. The principal
is not due until six months after you cease to be enrolled on at
least a half-time basis.
The interest rate is variable based on the 91 day Treasury bill
rates for a 12- month period, and will never exceed 8.25%.
Your actual payment amount will depend upon the total amount you
borrow. The more you borrow, the higher your monthly payments will
be. Repayment schedules and options are available from the Financial
Aid Office. You may repay the entire loan or any portion of it at
any time without penalty.
A student may never borrow more than the cost of education, less
other aid received for the academic period. Graduate Students must
take a minimum of six (6) graduate level credits a semester to borrow
at the graduate level. If you are taking less than 6 graduate credits
a semester you will borrow at the undergraduate level.
