The College of Idaho participates in the U.S. Government's Title IV loan programs and is proud to help connect students with these federal loans. Federal loans can offer lower interest rates, flexible repayment options, and loan forgiveness. Not every benefit applies to every student, but federal loans offer some of the broadest options in the simplest packages.
Federal Direct Loan Program
The College offers direct loans (sometimes referred to as Stafford Loans) under the William D. Ford Federal Direct Loan Program. In the Direct Loan Program, the U.S. Department of Education is your lender.
You must be an admitted student and enrolled as a regular student in an eligible degree or certificate program to participate in the Federal Direct Loan Program. You must file a FAFSA before being eligible for any federal loans or grants. For more information, you can read up on how to apply for grants and loans.
Unsubsidized Loans
The Direct Unsubsidized Loan is for all students and does not require you to demonstrate financial need. You pay all interest on your loans as soon as they are disbursed. You can choose to defer interest payments until after graduation, after a six-month grace period, or during select periods of deferment or forbearance. Your interest still accrues, though, and is compounded into your loan balance. To keep payments in check and ensure strong credit history we highly recommend making what interest and principal payments you can during your time in college. If you can't make payments during school that's okay, but you'll need to plan ahead and start making them as soon as possible after graduation.
You can find complete details about unsubsidized loans, including interest rates, maximum loan amounts, fee amounts, and repayment information on the Federal Student Aid website.
PLUS Loans
The Direct PLUS Loan is for eligible graduate or professional students who need to borrow more than the maximum unsubsidized loan amounts to meet their education costs. This differs from subsidized and unsubsidized loans, which have different maximum loan amounts independent of the cost of attendance. PLUS loans require payment as soon as the loan is fully disbursed. Under certain circumstances, payments can be deferred, but interest will still accrue on the loan during any period of non-payment.
You can find complete details about PLUS loans, including interest rates, maximum loan amounts, fee amounts, and repayment information on the Federal Student Aid website.