Interest Rates
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Undergraduate Students - First disbursement of a loan
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Interest Rate on the Unpaid Balance of the Subsidized Loan
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Interest Rate on the Unsubsidized Loan Balance
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Made on or after:
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And made before:
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July 1, 2011
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July 1, 2012
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3.4 percent
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6.8 percent
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July 1, 2012
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3.4 percent
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6.8 percent
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Direct Parent Loan for Undergraduate Students (PLUS): Federal Parent Loans for undergraduate students provide additional funds for credit-worthy parents to help pay for students’ educational expenses. The interest rates for these loans are fixed at 7.9 percent (established annually by the US Department of Education) and repayment begins immediately after the loan is fully disbursed.
Private Loans & Scholarships: Private loans are available to students through various lending institutions. Private loans, which are privately insured, cover educational expenses beyond what is covered by federal loans. The student must be a U.S. Citizen, a U.S. national, or a permanent resident and must be creditworthy. International students are eligible with a creditworthy cosigner (who must be a U.S. Citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation. The student may be enrolled full- or half-time. If the student has no credit or a poor credit history, he/she may still qualify for a loan by applying with a creditworthy co-borrower. In addition to private loans, a wide array of scholarships funded by outside sources is available to students. Scholarship eligibility criteria vary. Contact the Financial Aid Department for assistance.