Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans and loan forgiveness benefits, which other student loans are not required to provide.
Federal Direct Loans are available to students regardless of income. Federal Student Loan under Title IV may be more favourable than the provision of private education loans.
- Federal Perkins Loan - This 5% interest Federal student loan is available to qualified students. The award amounts are based upon need and available funds
- Federal Direct Subsidised Loan - This Federally subsidised student loan is available to qualified students. These loans are awarded up to $3,033 per six-month programme depending upon eligibility, educational programme, grade level and previous loan indebtedness under this programme.
- Federal Direct Unsubsidised Loan - This Federally unsubsidised student loan is available to qualified students. These loans are awarded up to $8,233 per six-month programme depending upon eligibility, educational programne, grade level and previous loan indebtedness under this programme.
- Federal Direct Parent Loan for Undergraduate Students (PLUS) - This Federally guaranteed parent loan is available through qualified participating programme lenders to parents of dependent students. Parental eligibility is determined based upon credit requirements established by the lenders. Parents who meet the lender requirements may borrow up to the cost of education minus any financial aid that the student is receiving.
Private student loans offer a variable rate that can increase or decrease over time, depending on the market condition. Students should determine the interest rate of, any fees associated with and the repayment terms of any private student loan that they are considering before accepting a private student loan. You may not borrow more than your cost of education less any financial aid received.
|Median Loan Debt||2010-2011||2011-2012||2012-2013|
|Federal Loan Debt (Independent)||$6,032.00 (£3,593.00)||$9,733.00 (£6583.00)||$9,733.00 (£5,797.00)|
|Federal Loan Debt (Dependent)||$4,738.00 (£2,822.00)||$5,760.00 (£3,432.00)||$5,766.00 (£3,890.00)|
|Private Loan Debt||$17,500.00 (£10,425.00)||$17,262.00 (£10,284.00)||$20,000.00 (£13,527.00)|
|Institutional Financial Plan Debt||N/A||N/A||N/A|
To contact a financial aid representative, call +1 760 603 4000, or contact us.