Stephens College processes all federal loans through the William D. Ford Federal Direct Loan Program. The first step in applying for student loans is to complete the Free Application for Federal Student Aid (FAFSA) online. If you prefer, you may request a paper copy of the FAFSA from your high school counselor, the Financial Aid office, or by calling (800) 4FEDAID. The Financial Aid office will determine your eligibility for student loans after receiving your FAFSA and will notify you of the type and amount of loans you are eligible to receive. After you receive your financial aid award, if you plan to request Federal Direct student loans, please follow the links provided.
Choosing the Right Loan
- Subsidized: Federal Stafford low interest loan available to undergraduate students; eligibility is based on financial need. Interest is paid by the federal government while the student remains enrolled at least half time. Repayment begins six months following the last date of enrollment at half-time or full-time status.
- Unsubsidized: Federal Stafford loan for undergraduate or graduate students; eligibility is not based on financial need. Interest is paid by the student while in school, or can be added to the principal balance of the loan through a process called capitalization. Repayment begins six months following the last date of enrollment at half-time or full-time status.
- Graduate PLUS: Federal credit-based loan for graduate students. It is not need-based and has fixed interest rate. Student may request deferment while enrolled with at least half-time status.
- Parent PLUS: Federal credit based loan for parents of dependent students. It is not a need-based loan. Parent may request deferment while student is enrolled with at least half-time status.
- Private, credit-based loans: Non-federal loans, not restricted on financial need. Benefits, qualification, and rates vary by lender. Alternative Loan Historical Lender list is here.