The University administers the following federal loans, which are managed by the U.S. Department of Education. These low-interest loans are issued to parents or students and must be repaid. Eligibility is determined by the Free Application for Federal Student Aid (FAFSA), which must be submitted annually.
Direct Stafford Subsidized Loans are based on need and determined by family income. The government pays interest on the loan while the student is enrolled.
Direct Stafford Unsubsidized Loans are not need-based and not restricted by family income. Borrowers pay interest semiannually while in school or add the interest to the amount borrowed at the time of repayment.
Parent PLUS Loans assist parents of dependent students. Eligibility is determined by credit (not financial need). Repayment begins 30-60 days of disbursement. Deferment of payments while the student is enrolled may be requested by contacting the Direct Loan Servicing Center.
Grad PLUS Loans enable graduate students (who are enrolled ½ time) to borrow up to the cost of their education minus any other financial aid. Repayment is deferred while the student is enrolled at least half time, though interest will accrue after full disbursement of the loan. Prior to applying, applicants must complete a FAFSA and apply for the maximum annual loan eligibility through the Federal Unsubsidized Direct Loan Program.
We recommend families access all federal loan options before considering alternate lenders. If, however, the federal funds received do not cover the cost of the education, families may want to consider private loans. USF has no affiliation with any private lenders.
Though we encourage students to utilize Federal Work Study Employment opportunities and summer earnings to ﬁnance their education, we realize there are some situations where students need to borrow beyond this. It is our goal to help each student understand the ﬁnancial obligations they commit themselves to when borrowing. When selecting a private loan lender, carefully examine the rates and terms associated with the loan. The borrower’s and/or co-borrower’s credit will be examined to determine approval of the loan. Eligibility of the loan amount applied for will be determined by cost of education minus the total of ﬁnancial aid received.
Per the Truth in Lending Act, private lenders must disclose the following forms and information.
The following tools allow you to compare loan rates and options.