Loans
The Federal Family Education Loan Program (FFELP)
is made up of three types of loans: the Subsidized Federal Stafford Loan,
the Unsubsidized Federal Stafford Loan and the Federal PLUS Loan. These low-interest loans are made to students and parents
to help pay for educational expenses. However, loans should only be used
as a last resort after the student has exhausted other avenues of financial
aid.
Subsidized Federal Stafford Loan
The Subsidized Federal Stafford loan is based on financial need. The loan amount depends on your financial need, which the school's
financial aid office will determine.
Unsubsidized Federal Stafford Loan
The Unsubsidized Federal Stafford loan is not based on financial need. The
loan amount depends on the cost of attendance at your school and other sources of financial aid
(including any Subsidized Federal Stafford loans).
Federal PLUS Loan
The Federal PLUS Loan is made available to parents of dependent undergraduate students (Parents must be the biological or adoptive parent, and in some cases, the parent can be the spouse of a remarried parent.) and to graduate or professional students. PLUS loans are not based on
financial need. The loan amount depends on the school’s cost of attendance and any other financial aid the student may receive.
For more information about student loans, visit the Oklahoma Guaranteed Student Loan Program.
