Federal Stafford or
PLUS loan borrowers may choose any lender that participates in the Federal
Family Education Loan program. The basic
terms of loans (maximum interest rate, maximum fees, and deferment options) are
set by the federal government; however, many lenders (banks and credit unions)
offer special benefits to borrowers.
FVTC encourages students and parents to compare the benefits offered by
different lenders in order to make an informed decision.
Who is eligible for a student loan?
Ninety-eight percent of financial aid recipients are eligible for either a Stafford Subsidized Loan or a Stafford Unsubsidized Loan, or a portion of both
loans. Students must be enrolled at least 1/2-time status by the census date in order to be eligible for any loan funds awarded.
How much money can be borrowed?
What is the interest rate for Stafford Loans?
What if additional loan funds are needed?
A student may be eligible to receive other loan funds.
Can a parent process a loan to help pay for college expenses?
A parent of a dependent student may be eligible to borrow funds under the PLUS (Parent Loan for Undergraduate Student) loan program. A parent can borrow funds up to the student's program budget minus any funds student is awarded (this includes grants, loans, scholarships and work-study).
Where can I start looking for loans?