Federal Direct Unsubsidized Stafford Loan

The Unsubsidized Stafford Loan is a non-need-based loan offered through the Federal Government.  This loan accrues interest from the date of disbursement while the student is enrolled and during the grace period and repayment.  Interest rates are based on the 10-year Treasury rate plus a fixed margin and change every July 1st.  Even though the interest rate changes each year, the funds borrowed at a specific rate will remain at that rate for the life of the loan, or until the loan is consolidated.  There is also an origination fee charged on this loan.  The amount of the award varies, based on program of enrollment and length of academic year.  Repayment of the Stafford Loan begins 6-months after the student ceases to be enrolled at least half-time.

Health Professions Student Loan

The Health Professions Student Loan (HPSL) is a need-based loan available only to Optometry students who provide their parent(s)’ information on the FAFSA. The amount of the award varies each year based on available funds and demonstrated financial need.  HPSL does not accrue interest while the student is in school. Repayment of HPSL begins 1-year after the student ceases to be enrolled at least half-time.  At the time of repayment, interest begins to accrue at the fixed rate of 5%.

Federal Work Study

The Federal Work-Study program provides part-time jobs for students with financial need.  Students may work up to 20-hours per week for various departments on campus at a rate of $12.50/hour.  Work-study funds do not need to be repaid.  Students indicate their desire to have Work-study as part of their financial aid award when they complete the Institutional Financial Aid Application and Entrance Interview form.

Federal Direct Graduate PLUS Loan

The Graduate PLUS Loan is a non-need-based loan offered through the Federal Government.  This loan is used to fill any gaps between a student’s cost of attendance and financial aid award of the funds listed above. Applicants must pass a credit check to be approved for the Graduate PLUS loan.  The PLUS loan accrues interest from the date of disbursement while the student is enrolled and during repayment.  Interest rates are based on the 10-year Treasury rate plus a fixed margin and change every July 1st.  Even though the interest rate changes each year, the funds borrowed at a specific rate will remain at that rate for the life of the loan, or until the loan is consolidated.  There is also an origination fee charged on this loan.  Repayment of the PLUS Loan begins when the loan is fully disbursed, but can be deferred until 6-months after the student ceases to be enrolled at least half-time.

Private Education Loans

Private Education Loans are loans from a lender other than the Federal Government, such as a bank or a credit union, used for educational purposes.  Students can receive up to their cost of education, less any other aid they choose to take, in a Private Education Loan.  These loans are often subject to a credit check and may require a co-signer.  The terms of the loan vary, based on the lender.