Federal Perkins Loan
Federal Perkins Loans are low-interest awarded to undergraduate students with exceptional financial need. Students will automatically be considered for the Federal Perkins Loan by completing the FAFSA).
The loan amount will vary based on a student's level of need and available funding. Awards generally range from $400 to $1,800 per academic year. The loan will be applied directly to the student's account after the Promissory Note has been signed and the student has completed Perkins Loan Entrance Counseling.
Federal Stafford Loan
This loan is a low-interest award for undergraduate and graduate students. A Stafford Loan is available to students with little or no financial need and is divided into two different loan programs: subsidized and unsubsidized. The difference between the two is the subsidized loan is awarded on the basis of financial need and the federal government will pay the interest on the loan while you are attending school at least part-time. However, the unsubsidized loan accrues interest while you're in school.
The amounts awarded on the Federal Stafford Loans are based on a student's academic level and status as either a dependent or independent of their parents as determined on the FAFSA. (To determine your maximum loan eligibility see the dependent undergraduate, independent undergraduate, and graduate tables below.)
Students awarded a Stafford Loan will be required to sign a Master Promissory Note during the first academic year that the funds are borrowed. The loan amount will be applied directly to the student's account once a Promissory Note has been signed and the student has completed Stafford Loan Entrance Counseling.