Federal Student Loans

Federal Stafford Loan Program

• Annual maximum is $20,500.
• Aggregate maximum is $138,500, including undergraduate debt.
  
• Interest rate for 2018-19 is fixed at 6.6%. New rates are set each academic year.
• Six-month grace period.
• Interest may be paid quarterly or capitalized (added to the principal).
• Currently has an origination fee of 1.066% (subject to change in the future).

Federal Grad PLUS Loan Program

• Maximum eligibility is equal to the Cost of Attendance less other aid.
• Approval is based on satisfactory credit review.
• Interest rate for 2018-2019 is fixed at 7.6%. New rates are set each academic year.
• Currently has an origination fee of 4.264% (subject to change in the future).

Private Loans

For students studying less than half-time or who would prefer a private loan over federal loans, there are many lenders offering private education loans.  You are free to choose whichever lender you wish.  We have a small lender list, built on prior student selections at www.elmselect.com.

*Please note, private loans can not be taken in addition to federal loans if you have already maxed out your aid.  Private loans also have to fit within the cost of attendance.