Types of Loan Programs

We are pleased to offer our students a variety of ways to finance their education while in attendance at the University of Maryland. There are Direct need- and non-need based loans, Direct PLUS Loans, Private Loans and payment plans. Students, and some parents, may be able to borrow money from the United States Government through the Department of Education, or from private lenders.

It is important to consider several factors when applying for a loan.

• Borrower - Most loans are acquired by the student. In some cases, the Parent may also qualify for a loan.
• Eligibility - Some loans may be restricted to either Undergraduate or Graduate students, or may require enrollment of either full or part time.
• Interest - Each of the loan programs has set interest rates. Federal Loans typically have a lower interest rate than Private/Alternative Loans.
• Repayment - Some loans require repayment to start immediately after disbursement, others will start after student's enrollment status has changed.

Federal Loans

Starting with the 2010-2011 school year, Federal Loans will be processed using the Direct Loan Program. Prior to the 2010-2011 school year, Federal loans (Federal Stafford) were processed using the Federal Family Education Loan Program.

• Perkins Loan
• Subsidized Direct Loan
• Unsubsidized Direct Loan
• Parent Loans for Undergraduate Students (PLUS)
• Grad PLUS

Alternative Educational/Private Loan