Loans are funds that must be repaid by the student, or with the Parent PLUS loan, by the parent. Loans help students defer the costs of their education until after graduation or when they are no longer enrolled at least half time.
The information provided below will give you a brief introduction to each loan program that Radford University processes for students.
We have created an Education Loan Comparison Chart (PDF) that outlines the differences in the major loan programs. We hope that you will find it helpful in understanding the differences in the loan programs available to students and parents. We encourage all students who need assistance in financing their education to file a FAFSA and utilize the Federal Loan programs. The Department of Education provides an excellent resource for comparing Federal and Private Loans in Federal Aid First which may help you to make decisions about funding your education.
The Federal Direct Loan program is offered to all students who complete the FAFSA as a part of the award package. The loan may be offered as a Subsidized or Unsubsidized loan depending on the estimated family contribution as determined by the FAFSA.
The Federal Perkins Loan is offered to students who have exceptional need and met the FAFSA priority filing deadline. The Perkins Loan does not begin accruing interest until 9 months after graduation or you are enrolled less than half time.
The Federal Parent PLUS program allows parents of a dependent undergraduate student to borrow funds to assist in funding the student's educational expenses. The Federal Parent PLUS loan is a credit based loan and parents must complete the online application or a request with our office to apply. In order for us to certify a parent PLUS loan application the student must have a FAFSA on file with Radford University.
The Direct Graduate PLUS Loan is for graduate/professional students who need additional assistance in paying educational expenses. Students are not eligible to borrow from a Graduate PLUS loan unless they have exhausted their Direct Subsidized/Unsubsidized loan limits for the academic year. The Direct Graduate PLUS Loan is a credit based loan.
The State Student Loan is awarded to undergraduate, resident students who have an exceptional demonstrated need and met the FAFSA priority filing deadline.
The Nursing Student Loan is awarded to undergraduate students who are in the Nursing program, have an exceptional demonstrated need, and met the FAFSA priority filing deadline.
Private Student Loans are offered by many lending institutions and are designed to help fund educational expenses not met by other means. Private Student Loans are credit based and have varying interest rates depending on the lender. Private Student Loans should be considered only after a student has exahusted all Federal loan programs.
Radford University students have used a variety of lending institutions for obtaining additional funding. You can learn more about the offered loans on the Private Loan Lenders List or if you have a lender not on the list contact our office so we can obtain information to certify your loan.