Financial aid comes in many forms—and we’re here to help you connect with as many of them as possible. Federal and private loans may be available to assist. Our financial aid counselors as well as lender resources will help you create a payment strategy and select the resources available.
Federal direct stafford loans
Loan funds provided to the student by the U.S. Department of Education, through the school.
There are two types of Federal Direct Stafford Loans:
Federal Direct Subsidized Loan—Students with financial need can qualify for a subsidized loan, and the government pays the interest on the loan while the student remains enrolled at least half time.
Federal Direct Unsubsidized Loan—Students who don’t demonstrate financial need qualify for an unsubsidized loan, and interest accrues while the student is in school.
To apply for the Federal Direct Student Loan, students MUST complete the following with their FSA ID:
A federal loan program that allows parents who have no adverse credit history to apply for up to the cost of attendance each year, less any financial aid.
private/alternative loans
A loan from a commercial, state-affiliated, institutional lender used to pay for up to the annual cost of education, less any financial aid received. Private loans usually require the applicant to be creditworthy or have a co-signer and have varying interest rates, fees, and repayment options.
Information Regarding Federal Direct Loans
All loan programs will be disbursed in two equal installments during the term(s) for which the student is enrolled. Proceeds are transmitted to Student Accounts and disbursements are made approximately each week for loans that are eligible for disbursement. Disbursements for all first-time Stafford Loan borrowers are held for 30 days after the start of the first semester.
Students and parents may access the Repayment Estimator online for estimates/samples of monthly repayment amounts.
Repayment information, including deferment, forbearance, and consolidation information, is located online on the Federal Student Aid website.
In compliance with HEOA 485b, students and parents of students who borrow Title IV federal loans should be aware that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by any guaranty agencies, lenders, and schools that are determined to be authorized users of the data system.
Tools & Resources
Calculate your cost to attend Ferrum College after receiving financial aid.
