Types of Aid: Loans

Federal Perkins Loan
Perkins loans are long-term, 5% interest, need-based loans administered by the university for which repayment begins nine months after the student drops below half- time status. Loan amounts range from $500–2,000.

Federal Stafford Loan
The Federal Stafford Loan is a long-term, low interest, federally regulated student loan. Interest on the subsidized Stafford loan does not accrue until six months after the student drops below halftime status. Interest on the unsubsidized Stafford loan begins accruing immediately upon disbursement. The interest rate for undergraduate Subsidized and Unsubsidized Stafford loans is 6.8. There is a 1% origination fee deducted from the loan proceeds.

Federal Parent Loan for Undergraduate Students (PLUS)
This loan is available to credit worthy parents of dependent undergraduate students. Under Direct Lending, the interest rate on a PLUS loan is fixed at 7.9%. There is a 4% origination fee deducted from the loan proceeds. Repayment begins sixty days after the final disbursement.

Private Loan
Naropa University requires an extensive review of the student's financial situation before possibly including a private loan in the student's financial aid package.