Student loans

With the cost of a college education rising yearly, many people find it difficult to pursue higher education without some type of financial assistance. ​The U.S. Department of Education offers several student financial assistance programs, including grants, loans, and Federal Work-Study. Graduate students may also receive loans and Federal Work-Study, but not Federal Pell Grants.

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The U.S. Armed Forces offer financial aid opportunities, including the Reserve Officer Training Corps (ROTC) program, which pays for tuition, fees, books, and a monthly allowance. If you are a veteran, you may also be eligible for veterans' educational benefits.

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To receive aid from the student aid programs, you must have financial need, a high school diploma or GED, or pass a state-approved test. ​If you are considered dependent on a parent or guardian, you must report both their income and assets and your own. If you are considered independent, you must report only your own.

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You are an independent student if you are 24 or older, married, have legal dependents other than a spouse, are an orphan or ward of the court, or are a veteran of the U.S. Armed Forces. ​Federal Work Study allows eligible students to work for the school or at a school-approved employer for an hourly wage. ​The financial aid department's major form of self-help aid are Direct and FFEL Stafford Loans. The major differences between the two are the source of the loan funds, some aspects of the application process, and the available repayment plans.

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Federal Perkins Loans are low-interest loans made with government funds with a share contributed by the school. Depending on when they apply, their need and the funding level of the school, students can borrow up to $4,000 for each year of undergraduate study and $6,000 for each year of graduate or professional study. ​FSEOG grants are for undergraduates with exceptional financial need who receive Federal Pell Grants.

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Federal Student Loan Types are set out in the promissory note associated with the loan. It is recommended that the student or parent borrower retain a copy of all the original loan documentation. ​When taking on a private student loan, it is important to read the details of the loan and ask questions. Payment may be required while enrolled in school, or after graduation. ​Federal student loan repayment starts six months and nine months after the student stops going to college or drops below half-time enrollment.

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A student can receive a grace period on their student loans for up to three years if they are serving on active military duty, or if they re-enroll in school prior to the grace period expiring.

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