For students who do not qualify for grants or scholarships or need additional funds to meet their educational expenses, there are several loan programs available where students and families can borrow money to help fund their educational needs.

William D. Ford Federal Direct Stafford Loan

The most utilized loan program is the William D. Ford Federal Direct Stafford Loan. Under this program, monies are borrowed by the student to pay for their educational expenses. For more information on the William D. Ford Federal Direct Stafford Loan Program, such as how much can be borrowed, interest rates, and repayment options, visit the Federal Direct Stafford Loan section of our web site. For information on “How To Apply” for a Federal Direct Stafford Loan, visit the Applying section of our website.

Parents' Loan for Undergraduate Students (PLUS)

Parents of dependent students may also borrow monies in their name to help meet the student's educational expenses. The Federal Parents' Loan for Undergraduate Students (PLUS) is available to parent borrowers who do not have an adverse credit history. Parents can borrow a PLUS loan through Federal Direct Loan Program. For more information on the Parent Loan for Undergraduate Students (PLUS) Program, such as how much can be borrowed, interest rates, repayment options, and how to apply, visit the Parent Loan section of our web site.

Private Educational Loans

Private Education Loans are private loans through different lenders to assist with the cost of education. These loans are not guaranteed student loans and are generally based on income and credit history. Interest rates and fees are set by each individual lender. Most students would be required to have a cosigner to obtain one of these private loans. Students who are considering borrowing an Alternative Education Loan should research each individual program carefully to determine which option will best suit their needs. These loans are generally at a higher interest rate and should be considered only as a last alternative, after all federal aid options have been considered.

The "FinAid: The SmartStudent Guide to Financial Aid" website has a private education loan comparison chart that may be useful if you are considering a private education loan.

For more information on the differences between the Federal Student Loan programs and private education loans, you can visit the Department of Education's Federal Aid First web site.