There are 3 types of loan programs for undergraduate students.
FEDERAL DIRECT STUDENT LOAN:
The Federal Direct Student Loan and the amount for which a student is eligible will appear on the student's Financial Aid Award Notification, should the student qualify for this loan program. The student is the borrower of this type of loan and these loans must be repaid. Loan limits for this federal program are determined by the student's grade level.
FEDERAL DIRECT PARENT LOAN (PLUS):
The Federal Direct PLUS loan is a credit based federal loan where the parent is the borrower. These loans must be repaid. Parents may borrow up to the Cost of Attendance minus any financial aid the student is receiving. This loan program assists families with paying the remaining charges that are not covered by other types of financial aid.
PRIVATE ALTERNATIVE LOANS:
The Private Alternative Loans are private credit based loans where the student is the borrower. A credit worthy co-signer is usually required for a student to get approved for this type of loan. These loans must be repaid. This is another option for families to use for paying the remaining charges that are not covered by other types of financial aid. Since the interest and fees are lower on federal educational loans, students should maximize their federal loan eligibility before applying for a private loan.
OTHER PAYMENT OPTIONS:
Visit the Bursar's Office website for additional options regarding paying the remaining balance due on your tuition bill. The Bursar's Office offers payment options which includes a tuition payment plan.