Student Loans

Federal Subsidized Stafford Loan Program

This program consists of low interest rate loans borrowed from participating financial institutions. The loan is guaranteed by a state or private nonprofit agency and the federal government. The interest rate is a variable rate that changes on July 1 of each year and is guaranteed not to exceed 8.25%. Interest payments on these loans are deferred. An annual maximum of $2,625 may be borrowed by freshmen; $3,500 by sophomores; $5,500 by juniors and seniors; and $8,500 by graduate-level applicants. You must be enrolled at least halftime and meet other federal financial aid eligibility requirements to participate in the federal loan program.

Federal Unsubsidized Stafford Loan Program

This program is similar to the Federal Stafford Loan program; however, it is targeted to students who have partial or no Federal Stafford Loan eligibility. Annual fund limits vary by academic level. Aggregate loan limits are the same as subsidized Stafford loans, less amounts borrowed under that program. Interest rates are the same as the subsidized Stafford loan except the borrower is responsible for accrued interest. The interest rate is a variable rate that changes on July 1 of each year and is guaranteed not to exceed 8.25%. This interest may be capitalized at the borrower’s request. You must be enrolled at least halftime and meet other federal financial aid eligibility requirements to participate in the federal loan program.

Alternative Loans

These are loans offered through private lenders and are meant to provide additional educational funding only after a student and his/her family have exhausted all other sources of funding such as Federal and State aid.

These loans are not guaranteed by the Federal government and often carry high interest rates and origination fees. All require credit checks and most will require a co-signer if the borrower has little or no credit history. Families interested in alternative loans should also note that alternative loans can not be consolidated through loan consolidation in the future. For more information on loan consolidation click here.

FAO can provide a brief list of the most commonly used alternative loans at RU as well as alternative loan applications. If the loan requires school certification, the student will be limited in the amount that they are eligible to borrow. If you are interested in applying for an alternative loan that requires school certification, contact the FAO to determine the maximum amount the student is eligible to request. Click here to view some of our most commonly used alternative loans.

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