There are several types of loans that you can borrow from the government.
Perkins & Subsidized Loans
These are need-based. You can apply for these by filling out the FAFSA.
This is not need based but there is a max amount you can take out every year. You can apply for this by filling out the FAFSA.
- Freshman year: $5,500 ($3,500 Max Subsidized)
- Sophomore year: $6,500 ($4,500 Max Subsidized)
- Junior & Senior years: $7,500 ($5,500 Max Subsidized)
PLUS Loan - for Parents
You can apply for this no earlier than 90 days prior to the start of the semester at www.studentloans.gov.
Additional Information about Loans
- More information about federal loans, including current interest rates, can be found at https://studentaid.gov/understand-aid/types/loans/interest-rates
- If borrowing, you must complete a Master Promissory Note for all loans.
- If you're a student borrowing, you must also complete the Loan Entrance Counseling.
- You must be enrolled at least half-time to be eligible for federal loans, and are subject to the following lifetime limits:
- $31,000 in total loans for dependent students, of which no more than $23,000 may be subsidized.
- $57,500 for independent students, of which no more than $23,000 may be subsidized.
- Loan funds will be disbursed to Roberts and will be applied to the student account