Enrollment Services
Loan Resources

By completing a FAFSA you will be offered financial aid to help cover your bill. The FAFSA provides students, parents and graduate students with eligibility to take out Federal Direct Loans. Below is a list of the types of loans that may be offered to you:

Loans for Undergraduate Students:

Direct Federal Subsidized Stafford Loan: The 2014-15 interest rate is 4.66%.  Interest does not accrue on this loan while the student is in school.  This loan is a need-based loan, and your need is determined by the FAFSA.

Direct Federal Unsubsidized Stafford Loan: The 2014-15 interest rate is 4.66%.  Interest does accrue on this loan while the student is in school.  This loan is not a need-based loan, but still requires you to complete the FAFSA.

Loans for Parents of Dependent Undergraduate Students:

Direct Federal Parent PLUS Loan: The 2014-15 interest rate is 7.21%.  This loan is credit-check contingent, which means that you must pass the credit check in order to take out this loan.  If you are denied on the credit check, there are alternate options available to you- for more information see the PLUS loan section.

Loans for Graduate Students:   

Direct Federal Unsubsidized Stafford Loan: The 2014-15 interest rate is 6.21%.  Interest does accrue on this loan while the student is in school.  This loan is not a need-based loan, but still requires you to complete the FAFSA.

Direct Federal Graduate PLUS Loan: The 2014-15 interest rate is 7.21%.  This loan is credit-check contingent, which means that you must pass the credit check in order to take out this loan.  If you are denied on the credit check, there are alternate options available to you- for more information see the PLUS loan section.

Loans are “self-help” financial aid, which means that they must be repaid with interest. The following information regarding Federal Direct Stafford loans has been complied to help you better understand the Federal Direct Loans that are offered to you. For ease of use, the sections below have been organized into the three stages of your borrowing cycle: Before, During & After. There is also a separate section for Parent/Graduate Direct PLUS Loan information.


In order to be considered for any federal financial aid, you must have a completed FAFSA on file at Purchase College. This means that if you are selected for verification by the federal government, the verification process must be completed before the federal aid may be awarded or requested.

 

Before During After PLUS


Information is subject to change without notice based upon changes in federal regulations.