Federal loans are need-based aid, so your eligibilty for the following programs is determined by the information presented on your FAFSA. Unlike scholarships and grants, loans must be repaid. Interest rates and repayment requirements vary by loan. For more details, including how to accept loans you may be offered, please visit use the links below.
If you are eligible for any of the following loans, they will appear on your financial aid package. You do not have to apply for them separately; just be sure to file theFAFSA for consideration.
Federal Direct Loans: $5,500 for freshmen; $6,500 for sophomores; $7,500 for juniors and seniors. Can be subsidized and/or unsubsidized. Available to all students who file the FAFSA.
Federal Perkins Loan:Up to $1,500. Subsidized. Eligibility based on financial need.
Alma College Long-Term Loan (ACLTL): Various amounts. Subsidized. Eligibility based on financial need.
Parent Loan for Undergraduate Students (PLUS):Up to the cost of attendance minus other financial aid. Unsubsidized.
Alternative Loans: Alternative or private loans are offered by private lenders and there are no federal forms to complete. Eligibility for private student loans often depends on students and parent credit scores.