Direct Stafford Loan
Subsidized Stafford Loan
- The interest on subsidized loans is covered by the federal government during half-time enrollment and during the 6-month grace period before repayment begins.
- Interest starts when repayment begins.
- Repayment is not required while half-time enrollment is maintained.
Unsubsidized Stafford Loan
- All interest that is added to the loan while the student is in school is the student’s responsibility.
- Payment of principal and interest are not required while the student is enrolled at least half-time.
- Repayment begins 6 months after half-time enrollment ends.
Parent PLUS Loan
Parent PLUS loans provide additional funds for educational expenses for parents of dependent undergraduate students. Loan eligibility is based on the cost of attendance minus any other aid the student may receive.
Unlike the Stafford loan, a PLUS loan is based on credit. If a parent is denied for a PLUS loan, the student can then apply for an additional unsubsidized loan.
The Federal PLUS repayment begins 60 days after the funds are fully disbursed. Parent borrowers can request a deferment of repayment while the student is enrolled at least half-time. A deferment request form is available here.
To apply for a Parent PLUS Loan, two steps are required:
- Submit a Parent PLUS Loan Application to the Office of Financial Aid. This form may be faxed to our office if needed. The fax number is 229-584-2400.
- Fall 2011-Summer 2012 Parent PLUS Loan Application
- Fall 2012-Summer 2013 Parent PLUS Loan Application
- If the loan is approved, complete the Master Promissory Note (MPN) for a Parent PLUS Loan online at www.studentloans.gov.
Alternative Education Loan
Alternative education loans are based on credit. Application is made directly through the lender, and a co-signer may be required. Typically, applicants can know within a few minutes if they qualify for an alternative loan.
While these loans may be an option for you, we strongly encourage you to look at all financial aid alternatives such as grants, scholarships, and federal loans before applying for an alternative education loan. There are typically differences in the interest rates and repayment terms as well as other factors compared to federal loan options.
Alternative Loan Comparison Tool
You should exhaust all other ways of financing your education including federal loans, grants, and scholarships before taking out a private student loan.
If you would like to research your alternative loan options, Fast Choice offers a free online resource that can help you compare student loan rates for private student loans. This link is offered as a suggestion to help you make a more informed decision as you have a right to the lender of your choice.