An education loan is a form of financial assistance that allows you to spread the cost of your education over time. A loan must be repaid with interest. Eligibility may be based on your Cost of Attendance and financial need for the loan. You are not required to accept the loan portion of your financial aid package.
Each loan type has different eligibility requirements and terms that must be met. Federal loans require acceptance into a degree seeking program or certificate program. Federal loans require a FAFSA (Free Application for Federal Student Aid) to be filed. Please be aware there are student loan limits to the amount of Direct Loans that can be borrowed while seeking your degree, determined by the student's grade level and financial need. Federal law sets the maximum interest rates and fees that may be charged for federal loans. The interest rate is set on July 1st each year. For more information about the Direct Loan Program, please visit the the Direct Loans page on our website or studentaid.gov from the US Department of Education.
We urge all first-time borrowers to spend some extra time learning about the loan process so that they can make informed choices throughout their education.
It's important for students to understand the loan repayment process prior to taking on loans. Learn about payment plans, loan consolidation, getting out of default and more at the Federal Student Aid website.
Loan Data
In 2021-22, the percent of students with debt is 40% for federal loans and 42% with federal, state, and or private loans. Our 2019 cohort default rate (CDR) for federal student loans is 1.3%, below the national average CDR rate of 2.3%. This is updated soon after 1 October of each year.
*Data provided by the National Center for Education Statistics
