Free Money First

Take advantage of available grants or scholarships for your education:

• Explore federal grant programs
• Search for Scholarships
• See if your school, state or other organizations offer scholarships or grants
• Consider scholarships for U.S. military service, educational support offered by the military, and educational benefits for veterans

Types of Federal Loans

• Subsidized
  To obtain a subsidized federal loan, financial need must be demonstrated and is determined by Federal regulations. No interest accrues while your enrollment status is at least half time or if there is a forbearance or deferment on the loan.
• Unsubsidized
  An unsubsidized federal loan is not based on financial need. Interest accrues during all periods including while you are in school, during the grace period, and in deferment situations.
• PLUS
  PLUS federal loans are unsubsidized loans for Parents of dependent students and graduate/professional students. Interest accrues during all periods including while you are in school, during the grace period, and in deferment situations.
• Consolidation
  Eligible federal student loans can be combined into one Direct Consolidation Loan.

What is a Promissory Note?

A promissory note is a legal document where you promise to repay your loan(s) and any accrued interest and fees. It also contains the terms and conditions of your loan(s). In most cases, you can borrow additional Direct Loans for up to 10 years.

A promissory note will contain a Disclosure Statement which will outline the details of your loan including the loan's Annual Percentage Rate (APR). A loan's APR is intended to be used as a way to easily compare the overall cost of a loan from one lender to another. A Disclosure Statement may also include the following:

• Loan Amount
• Fees
• Disbursement Dates/Amounts