List of Loans
Financial Aid

Below is some information that will help you get started on your search for the best loan program to meet your needs. Effective fall 2008, RU participates in the Federal Direct Lending Program.

Federal Direct Subsidized Stafford Loan Program

This program consists of low interest rate loans borrowed from the federal government. The interest rate is a fixed rate of 6.8% for loans first disbursed after July 1, 2006. Interest payments on these loans are deferred.

Annual maximums were raised for the 2007-08 year. The new limits are:

• $3,500 freshmen;
• $4,500 sophomores;
• $5,500 juniors and seniors;
• $8,500 graduate-level applicants; and,
• $5,500 PARALEGAL Students.

You must be enrolled at least halftime and meet other federal financial aid eligibility requirements to participate in the federal direct loan program. Loans must be repaid!

See what your monthly payments would be by using the Loan Payment Calculator.

Federal Direct Unsubsidized Stafford Loan Program

This program is similar to the Federal Direct Stafford Loan program; however, it is targeted to students who have partial or no Federal Direct Stafford Loan eligibility.

Annual maximums were raised for the 2007-08 year. The new limits are:

• $4,000 freshmen and sophomores;
• $5,000 juniors and seniors; and
• $5,000 PARALEGAL students.

Aggregate loan limits are the same as subsidized direct Stafford loans, less amounts borrowed under that program. Interest rates are the same as the subsidized direct Stafford loan except the borrower is responsible for accrued interest. The interest rate is a fixed rate of 6.8% for loans first disbursed after July 1, 2006. 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 direct loan program. Loans must be repaid!

See what your monthly payments would be by using the Loan Payment Calculator.

Federal Direct PLUS/Graduate PLUS Loan

Federal Direct PLUS/Graduate PLUS Loans enable parents, or graduate students, to borrow up to the cost of education minus other financial aid for each child (or yourself if a graduate student) enrolled at least half-time who is a dependent student (not applicable for graduate students).

This amount is in addition to the direct Stafford limits, but the total may not exceed the cost of education. The interest rate for these loans is fixed at 8.5% for loans first disbursed after July 1, 2006. The student must be enrolled at least halftime and meet other federal financial aid eligibility requirements to participate in the federal direct loan program. A Free Application For Federal Student Aid (FAFSA) must also be submitted.

Dependent student’s whose federal direct PLUS application has been denied are eligible to receive the Unsubsidized direct Stafford Loan in the amount up to the maximum eligibility for his/her academic level. The loan cannot exceed the cost of attendance budget. Loans must be repaid! See what you monthly payments would be by using the Loan Payment Calculator.

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 federal direct loan consolidation click here.

Financial Aid