Loans
A loan must be repaid upon graduation or when no longer enrolled
in school on either a full or half-time basis (depending upon
the terms of the individual loan program). A promissory note
(legal
agreement to repay) must be signed before a loan will be disbursed.
The promissory note contains detailed information about terms,
responsibilities, and repayment of the loan. There are no penalties
for prepaying principal or interest in any student loan program.
Federal regulations require all first-time Stafford Loan borrowers
to participate in loan counseling prior to the disbursement of
the loan.
Applying for Student Loans
Alternative Loan Options for Undergraduates
Alternative Loans are non-federal educational loans available from a variety of national lending institutions. Minimums and maximums vary for these loan programs but all require a satisfactory credit history. The following charts compare/contrast student financial aid plans between key lending institutions; however, these lists are in no way exclusive or exhaustive. The Office of Student Financial Aid will honor requests to certify other alternative educational loans that do not appear on this list.
