The Federal Direct Stafford Loan Program includes both need based and non-need based low interest, non-credit based loans. In addition to the student loan program, the PLUS loan program is a credit-based loan for parents of dependent undergraduate students. The Perkins Loan program is a low interest loan for students with exceptional need. The GradPlus loan is a credit-based loan for graduate students.
All federal loans require students to submit a FAFSA annually.
Detailed information regarding student loans is included in the Financing Plan Packet.
Federal Direct Student Loans: If a Federal Direct Student Loan is included as part of your financial aid package, most students find that overall, federal loans are a better choice compared to nonfederal loans . The borrower benefits and protections including repayment schedules, deferment, forbearance and cancellation options, interest rates and consolidation programs offered by the federal loan programs are typically more favorable than alternative loans from private lenders.
Subsidized: (undergraduate students only) Fixed interest rate of 4.29% for loans disbursed between 7/1/2015 and 6/30/2016. Interest does not accrue while the student is enrolled.
Unsubsidized: Fixed interest rate of 4.29% for undergraduate loans disbursed between 7/1/2015 and 6/30/2016. Interest starts to accrue from date of disbursement, but may be deferred.
Parent PLUS: Parents must apply for Parent PLUS each year. This should be done at www.studentloans.gov using the parent’s FSA ID. Fixed interest rate of 6.84% for loans disbursed between 7/1/2015 and 6/30/2016. Parents with a PLUS loan from a recent year would not need to do the PLUS master promissory note again, but would need to do the Parent Title IV form annually, found on the forms section of the Clarkson.edu/sas website.
Federal Perkins Loan: Fixed interest rate of 5%. Interest does not accrue while in school at least 1/2 time. There is a 9 month grace period and 10 year repayment period. Loan is repaid to the school's servicer. Due to changes in federal funding for 2015-2016, Perkins will only be awarded to continuing students who borrowed a Perkins for the 2014-2015 academic year and are eligible for a Pell Grant.
Graduate PLUS: Fixed interest rate of 6.84% for loans disbursed between 7/1/2015 and 6/30/2016. Interest is charged from the date of disbursement. Contact your servicer for an in-school deferment.
Direct Loan Servicer Information
The US Department of Education continues to add federal loan servicers. Some borrowers are being switched to new servicers. Borrowers can learn who their servicer is by signing in at www.nslds.ed.gov using their FSA ID. It is suggested that borrowers create a log in for their loan servicer website and check the status of their accounts.
Updated servicer lists can be found at: