Student loans are a cost-effective way to help finance a college education by borrowing funds at a low interest rate. Several loan programs are available for students and parents who display financial need, including the Federal Subsidized Stafford Loan and the Federal Perkins Loan. Other loans, such as the Parent Loan for Undergraduate Students (PLUS) and the Federal Unsubsidized Stafford Loan, are available to all students regardless of need. Several additional private educational loan programs exist to assist credit-worthy individuals.



Below is a list of federal, state, and privately funded loan programs. To be eligible for most of these loans, you must complete the FAFSA. Your financial need will be determined by the answers you provide on the FAFSA, and Stetson University's Office of Financial Aid will create a loan package that helps meet your financial need. One or more loans may be included in this package -- if you wish to borrow less than the amount offered, you must inform the Office of Financial Aid of your decision as soon as possible.


Students who borrow under the Federal Family Education Loan Program for the first time are required to complete counseling before their loan proceeds can be released.  Loan recipients are required to complete an entrance counseling session when they first receive a Federal Stafford Loan and an exit counseling session upon graduation or withdrawal. 

Federal Stafford Loan Program
The Federal Stafford Loan Program has two types of loans, subsidized (need based) and unsubsidized (non-need based). The Stetson University Office of Financial Aid will review the results of your FAFSA to determine your eligibility for either of these loans. In order to receive funds, you will need to select your lender through www.elmselect.com  and complete the Federal Stafford Loan Master Promissory Note through your lender’s website, which serves as the legal document requiring you to repay the loan. After you apply for the Federal Stafford loan through your lender, they will notify our office and we will process your Federal Stafford loan.  If you wish to use another lender that is not on Elm Select’s list, you have the right to do so, you would simply need to submit the lender name, lender code, and contact information and we will process the loan through any eligible student loan lender.

Subsidized Stafford Loan
The Federal Subsidized Stafford Loan is available to students who exhibit financial need as determined by the FAFSA. The loan features a low interest rate, and interest does not begin to accrue until six months after the student has ceased to be enrolled at least half time in college, at which point repayment begins. For 2007-2008, a student may borrow up to $3,500 as a freshman, $4,500 as a sophomore, and $5,500 during the junior and senior years of college. Graduate students may borrow up to $8,500 per year.




Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford Loan is available to all students who do not qualify for the Federal Subsidized Stafford Loan. Loan amounts are the same as those listed for the subsidized loan; however, under the unsubsidized loan program, interest on the loan begins to accrue while the student is still enrolled in school. In addition, independent students, and dependent students whose parents are ineligible for the PLUS Loan due to adverse credit may borrow up to an additional $4,000 each year during the first and second years of college, and up to an additional $5,000 each year during the junior and senior years. Graduate students may borrow up to an additional $10,000 per year. Repayment on the unsubsidized loan begins six months after the student ceases to be enrolled at least half time. 




Federal Parent Loan for Undergraduate Students (PLUS)
PLUS loans are available to parents of dependent students. This loan allows parents to borrow the cost of each child's education minus other assistance the child receives while he or she is enrolled at least half time. You may apply for the PLUS Loan online. If you believe you will be ineligible for the PLUS Loan due to adverse credit and would like your student to participate in the additional unsubsidized Stafford Loan program, please go through the pre-approval process and submit the denial letter to the Office of Financial Aid.

Plus Loan Information and Lender Chart

Federal Perkins Loan
The Perkins Loan is a low-interest loan for undergraduate and graduate students who exhibit exceptional financial need. The loan is made with government funds with a portion contributed by Stetson University. Stetson University is the lender, and repayment is made through our Office of Student Loans. Eligibility is determined by the Office of Financial Aid.

Alternative Loans
Alternative educational loans are available to enrolled credit-worthy students regardless of financial need; completion of the FAFSA is not required. In some cases a credit-worthy co-signer may be required. These loans may also be used for past due balances or other educational expenses, such as a computer. The interest rates for these loans are generally higher than the Stafford Loan.

Alternative Loan Information and Lender Chart

Florida Critical Teacher Shortage Forgivable Loan
This loan is available for upper division or graduate students who are admitted to an approved teacher education program which leads to initial certification in a designated shortage area. To be eligible for this loan, undergraduate students must be enrolled full time, maintain a cumulative GPA of 2.5 or better, and score in the 40th percentile or better on the SAT or ACT. Graduate students must be enrolled for at least nine hours per semester and must have a bachelor's degree that is not in a critical teacher shortage area, a cumulative GPA of 3.0 or better on all undergraduate work, and a minimum GRE score of 1000.




Eligible undergraduates will receive $4,000 per academic year for up to two years of upper division study, and graduate students will receive $8,000 per academic year for up to two years of graduate study. Recipients must teach in a designated shortage area in return for the loan. Applications are available from the chairperson of the Department of Education at Stetson University, 386.822.7070, or the Office of Financial Aid, Florida Department of Education, at 888.827.2004. The application must be submitted to Stetson's Department of Education by March 15. Please note: Funding and eligibility requirements change annually.