Student loans may be a very good financial decision when it comes to investing in your future. They allow you to pay off the valuable asset of your education over an extended period. While loans must be repaid, student loans have very low interest rates and some payments are deferred until you are no longer enrolled in college at least half-time.

Federal Perkins Loan

Up to $4,000 for undergraduate study. Low-interest loans with the principal and interest charges deferred while enrolled at least half-time. Based on financial need and not  student’s credit history.

Federal Stafford Loan

From $3,500 to $5,500 per year. Low interest loans. Both subsidized and unsubsidized loans available depending on financial need and not student’s credit.

Additional Unsubsidized Stafford Loan

From $4,000 to $5,000 per year. Available to independent students or students whose parents are ineligible for the PLUS loan.

Federal Parent PLUS Loan

Up to the cost of attendance minus other financial aid per year. Low-interest loans. Available to parents only. Eligibility determined by FPU, but not based on need. Borrower must have good credit history.

Loan forgiveness may be available if you are entering the education field or certain other professions. Your financial aid counselor can give you additional information on loan assumption and forgiveness programs offered through state, federal and military agencies.