Educational Loan Programs

Debt AlertA reminder about Loans!

It is important that if you expect to have your loan available for the First fall payment, you must have your Loan Application filed with us on or before July 1st. (We must, of course, have your Federal Student Aid Report, before we can process the Loan!!) You must also be a fully accepted student.

If you are on the payment plan, you are responsible for making payments on or by the due date, regardless of whether or not your loan has been processed.

Please check here for important information about recent changes to the federal legislation which may increase the cost of borrowing through the Direct Loan program.

Federal Direct Student Loans 2014-2015 Interest Rates

Effective for Loans With a First Disbursement on or After July 1, 2014

Loan Type

Student Grade Level

Cohort

2014-2015 Fixed Interest Rate

Interest Rate Cap

First Disbursed On/After

First Disbursed Before

Direct Subsidized Loans

Undergraduate Students

7/1/14

7/1/15

4.66%

8.25%

Direct Unsubsidized Loans

Undergraduate Students

7/1/14

7/1/15

4.66%

8.25%

Direct Unsubsidized Loans

Graduate/Professional Students

7/1/14

7/1/15

6.21%

9.50%

Direct PLUS Loans

Parents of Dependent Undergraduate Students and Graduate/Professional Students

7/1/14

7/1/15

7.21%

10.50%

Direct Consolidation Loans

N/A

Consolidation Loan Application Received on or after July 1, 2014

Interest rate remains the weighted average of the interest rates of the loans included in the consolidation, rounded up to the next higher one-eighth of one percent.  New law removes the 8.25% cap.

Origination Fees

For loans first disbursed on or after December 1, 2013:
Stafford: 1.072%
PLUS: 4.288%

For loans first disbursed on or after October 1, 2014:
Stafford: 1.073%
PLUS: 4.292%