FEDERAL PERKINS LOAN
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with financial need. The loans are made by UDC with funds that are distributed by the Federal government. You must be registered for at least half time to receive this loan. You will not be charged a fee to borrow the loan and you do not pay back until nine months after you graduate or drop below half time enrollment. This loan must be repaid to UDC.

FEDERAL FAMILY EDUCATIONAL LOAN (FFEL)
STAFFORD SUBSIDIZED AND STAFFORD UNSUBSIDIZED
Stafford loan is available to those students with financial need. UDC participates in the FFEL Program. Under the FFEL Program, the funds for your loan are lent to you from a private lender (a bank, credit union, or other lender that participates in the FFEL Program).

A subsidized loan is awarded on the basis of financial need. You will not be charged any interest before you begin your repayment or during authorized periods of deferment. An unsubsidized loan is not awarded on the basis of need. You’ll be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate while you are in school or during periods of nonpayment, it will be capitalized. This means that the interest will be added to the principal amount of your loan and additional interest will be based on the higher amount. You must complete the FAFSA to apply.

UDC FFELP Preferred Lenders List
**students have the option to choose a lender from the lender list or a lender of their choosing**

Citibank (lender code: 826878)

Citizens Bank, 725 Canton Street, Norwood, MA 20062 (lender code 833881)

Independence Federal Saving and Loan, 7901 Eastern Avenue, Silver Spring, MD 20062 (lender code 831036)

*** If you would like to use a lender of your choice, please contact that lender for a student loan application.***

UDC CRITERIA FOR INCLUCSION/EXCLUSION ON LENDER LIST

FFEL PARENT LOAN for UNDERGRADUATE STUDENTS (PLUS)
PLUS loans enable parents with good credit histories to borrow funds to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half-time. You must complete the FAFSA to apply.