Federal Loans
Federal loans usually offer a lower interest rate and have more flexible repayment options than private loans. Because of this, we recommend exploring your federal loan options first. The federal government offers loans for students and parents, and to be considered for either, the FAFSA must be filed.
Eligibility and Accepting Loans
- Federal loans are available to all students and vary based on financial need.
- You can borrow a student loan regardless of need if you file the FAFSA.
- You do not have to take out the loan if offered in your financial aid package. We can help answer questions about student loans offered.
Loan Repayment
- All types of loans must be repaid.
- Repayment begins after you graduate, withdraw from college or drop below half-time enrollment status*
* Less than 6 credit hours per semester for undergraduate students, and less than 4 credit hours per semester for graduate students.
Additional Types of Aid
Federal vs. Private LoansTypes of Federal Loans and Resources
Federal Direct Subsidized and Unsubsidized Student Loans
According to studentaid.gov, "Direct Subsidized Loans and Direct Unsubsidized Loans are federal student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school."
- All students will be offered Direct Subsidized and/or Direct Unsubsidized loans by completing the FAFSA
- Subsidized loans DO NOT accrue interest while students are in school
- Unsubsidized loans begin accruing interest once the loan has been disbursed
- Monthly Repayment Table (Estimate your payment for federal Loans)
- Monthly Accrued Interest (Estimate the amount of interest you would accrue on your federal loans every month)
- Fixed Interest Rates (Fixed interest rates for loans in the deferment or six-month grace period)
Direct PLUS Loans for Parents and Graduate Students
According to studentaid.gov, "A Direct PLUS Loan [can be used] to pay for tuition, fees, and room and board (for on-campus students). You can also authorize the school to use funds to satisfy other educationally-related charges, request a deferment (for parents), or change the loan amount specified in a previously submitted PLUS Loan application."
Although students may not see the Direct PLUS loan on their financial aid award package, this loan may be another funding option for some families. In addition to filing the FAFSA ever year, this loan requires a separate application and credit check on the borrower (parent or graduate student). This loan is not guaranteed by BGSU and is determined by credit eligibility.
- PLUS Loan Process
- Parent borrowers:
- Loan offered to the parent in the parent's name to help meet educational costs
- If a parent is denied the Parent PLUS Loan, the student is eligible for an additional federal loan
- Graduate student borrowers:
- Loan offered to graduate level students to help meet educational costs
- Graduate students must first be considered for the Federal Direct Unsubsidized Loan before taking a Graduate PLUS Loan
BGSU Nursing Student Loan Program
- Need-based loan administered by BGSU for students enrolled in Nursing programs leading to an associate, baccalaureate or graduate degree
- Eligibility is based upon available funds
Please note: Some of these resources link to a website not supported by BGSU.
Updated: 04/16/2024 12:06PM