College Funding

Federal Loans and Grants

Call the Federal Student Aid Information Center at 1-800-433-3243 to request a free copy of Funding Education Beyond High School: The Guide to Federal Student Aid, which provides information on government loans and grants. You can also obtain a copy online at Also call your state higher education agency which can give you additional information about obtaining loans and grants in your state.


Name of Grant

Grant Amount

Federal Pell Grants: This is the largest need-based program. Millions of undergraduates receive Federal Pell Grants each year. Graduate students are not eligible.

The maximum grant for 2019-2020 award year is $6,195. The amount you receive depends on need, the cost of the college, whether you attend for a full academic year, and if enrollment is full or part time.

Federal Supplemental Educational Opportunity Grant Program (FSEOG): This is a need-based program. However, it is school-based, which means that while the money comes from the federal government, individual colleges and universities distribute money to students who demonstrate need. Graduate students are not eligible.

Undergraduates can receive grants of up to $4,000 a year.


Name of Loan or Grant

Amount That Can Be Borrowed

Interest Rate


Stafford Loan Program: The subsidized program allows students who are in financial need to borrow money for educational expenses.

The unsubsidized program is for students who do not qualify for the maximum subsidized student loan. Eligibility for the unsubsidized Stafford Loan is not based on financial need.

Beginning July 1, 2012 subsidized loans for graduate and professional students are no longer available.



Full-Time dependent undergraduates can borrow up to: 1st year $5,500 (no more than $3,500 of this amount may be in subsidized loans), 2nd year $6,500 (no more than $4,500 of this amount may be in subsidized loans), 3rd and 4th years (each) $7,500 (no more than $5,500 of this amount may be in subsidized loans).



Full-time independent undergraduates (or dependent undergraduates whose parents are unable to get a PLUS loan) can borrow up to: 1st year $9,500 (no more than $3,500 of this amount may be in subsidized loans), 2nd year $10,500 (no more than $4,500 of this amount may be in subsidized loans), 3rd and 4th years (each) $12,500 (no more than $5,500 of this amount may be in subsidized loans).



Graduate students can borrow a total of $138,500 (maximum subsidized is $65,500). Annual loan limit is $20,500 (unsubsidized only).


For loans first disbursed between July 2019 and June 30, 2020, the interest rate on subsidized and unsubsidized loans to undergraduate students is fixed at 4.53%.

The interest rate for unsubsidized loans to graduate students is fixed at 6.08%.

Interest is not required to be paid on the loan while the student is in school.

In addition to the interest,there is also fee of 1.059% for loans with a first disbursement date  between October 1, 2019 and October 1, 2020.

Prior year  October 1,2018 to October 1,2019 was 1.062%

Repayment is deferred until 6 months after a student graduates or leaves school. An interest will be charged for unsubsidized loans during this time.

Repayment can run up to 10 years, or more if an extended plan is elected.

An income-based repayment may be available based on eligibility.

Federal PLUS Loans: These loans enable parents with good credit histories to borrow money for their child's undergraduate education. Eligibility is not based on financial need.

The annual loan limit is the difference between the cost of attendance minus any other financial aid you receive.

For direct PLUS Loans first disbursed on or after July 1, 2019 and before July 1, 2020, the interest rate is 7.08%.

In addition to the interest, there is also a fee of 4.236% of the loan deducted from each loan disbursement between October 1,2019 and October 1,2020. 

Prior year October 1,2018 to October1,2019 was 4.248%

Repayment begins immediately after loan disbursement, but can be deferred while enrolled at least half-time as a student. It can be deferred another 6 months after the student ceases to be enrolled at least half-time.
Repayment is made over 10 years, or more if an extended plan is elected.

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