LOAN PROGRAMS



Federal Direct Subsidized Loan

Federal Direct Unsubsidized Loan

Federal Direct Plus Loan (Undergraduates And Graduates)

Federal Direct Grad Plus Loan (Graduates)

Federal Perkins Loan  (Formerly NDSL)

Veterans Assistance Programs





FEDERAL DIRECT SUBSIDIZED LOAN

These loans are for students who demonstrate financial need. The federal government is the lender. The institution administers the program. The interest rates are variable and adjusted each year. The interest rate will never be greater than 8.25 percent.  Subsidized means the federal government pays the interest of these loans while the student is in school on at least a half-time basis. A loan fee of 3% is deducted from each disbursement. The federal government retains this amount as an origination fee, which reduces the cost of supporting low-interest loans. Payment begins six months after the student leaves college. Free Application for Federal Student Aid (FAFSA) form is required.



FEDERAL DIRECT UNSUBSIDIZED LOAN

The unsubsidized loan is not based on financial need. The government does not pay the interest on these loans.  It has the same terms and conditions as the subsidized loan. Free Application for Federal Student Aid (FAFSA) form is required.




FEDERAL DIRECT PLUS LOAN (UNDERGRADUATES AND GRADUATES)

Federal PLUS loans are for parents with good credit histories who want to borrow to help pay for their dependent students' education. The first payment on a PLUS Loan is due within 60 days after the final loan disbursement. The interest rates are variable and adjusted each year. The interest rate is capped at 9%.  A loan fee of 4% is deducted from each disbursement.  Free Application for Federal Student Aid (FAFSA) form is required.




FEDERAL Direct GRAD PLUS LOAN (GRADUATES)

Graduate and professional degree students can borrow a Direct GRAD PLUS Loan to help cover education expenses. The terms and conditions applicable to the Direct PLU Loan for undergraduate students. These terms and conditions include:


Unlike parent PLUS applicants, you (the student applicant) are required to complete the Free Application for Federal Student Aid (FAFSA). In addition, before you can receive a PLUS Loan, your school must have determined your minimum eligibility for Direct Subsidized and Unsubsidized Stafford Loans.




FEDERAL PERKINS LOA (FORMERLY NDSL)

Funds are provided to the University for the purpose of making low-interest, long-term loans available to students who demonstrate need.  Loans are available to both graduate and undergraduate students.   Repayment of a Perkins Loan begins nine months after the student leaves college, graduates or drops below half-time. The interest rate is 5%.  Free Application for Federal Student Aid (FAFSA) form is required.




VETERANS ASSISTANCE PROGRAMS

Veterans, active duty personnel, and eligible dependents are encouraged to take full advantage of benefits available through the Veterans Administration. Those students eligible for benefits should apply for Admissions to the University and complete the Admissions process. An application for VA Education Benefits should be completed prior to entering the institution. The Veteran or other eligible persons are advised to have money available to cover the first semester's tuition and fees at the time of enrollment. Albany State University does not participate in advanced payment with the VA. Interested persons should contact the Veterans Affairs component of the Registrar's Office for information and assistance pertaining to eligibility and application for Veterans Educational Benefits at (229) 430-4638.