Once you file your FAFSA, you may be eligible for three types of federal loans: the Stafford Loan, Perkins Loan, and Parent PLUS Loan.
Stafford Student Loan
- Almost all students are eligible for a Stafford Loan.
- Amounts range from $5,500-$20,500, depending on grade level and dependency status.
- Interest on the loans is fixed and may be subsidized or unsubsidized.
- Subsidized Stafford Loans have a 3.4 percent interest rate (6.8 percent for graduate students); unsubsidized Stafford Loans have a 6.8 percent interest rate.
- Repayment begins six months after a student graduates or ceases to be enrolled at least half-time.
- Click here to apply for a Stafford Loan.
- Loan made through Thomas More College.
- Loans have a 5 percent interest rate, and interest is subsidized.
- Repayment begins nine months after a student graduates or ceases to be enrolled at least half-time.
Parent PLUS Loan
- Parents borrow money for their students.
- Parents must pass a credit check to receive the loan. If a parent is denied, the student will be eligible for more unsubsidized Stafford funds.
- Interest is unsubsidized and fixed at 7.9 percent.
- Borrowers may choose to begin repayment immediately or six months after their student graduates or ceases to be enrolled at least half-time.
- Click here to apply for a Parent PLUS Loan.