Loans

Federal Direct Stafford Loans

  • Direct Loan Basics for Students (PDF)
  • Subsidized
    • Available to undergraduate students
    • Federal government pays the interest while the student is in school (enrolled at least half-time)
    • Click here to view current interest rates
  • Unsubsidized
    • Available to undergraduate and graduate students
    • Federal government does not pay the interest
    • The student may choose to make interest payments while enrolled or allow the interest to accrue
    • Click here to view current interest rates
  • Entrance Counseling is required for first time Federal Stafford Loan borrowers
  • Exit Counseling is required for all Federal Stafford Loan borrowers who graduate, withdraw or are registered less than half-time
  • Repayment begins six months after leaving school

Federal Perkins Loans

  • Based on financial need and available funding
  • No interest while the student is enrolled at least half-time
  • Entrance Interview is required for first time Federal Perkins Loan borrowers at Aurora University
  • Exit Interview is required for all Federal Perkins Loan borrowers who graduate, withdraw or are registered less than half-time
  • Repayment begins nine months after leaving school
  • Click here to view current interest rates

Federal Direct PLUS Loans

  • Loans are available to parents who have a dependent child enrolled in college and to graduate students.
  • These loans are guaranteed by the federal government and are contingent upon credit approval.
  • Individual eligibility is determined by subtracting all financial aid available for the academic year from the cost of attendance.
  • Financial need is not a prerequisite.
  • Click here to view current interest rates

Alternative Loans

  • Borrowed through a private lender of the student’s choice
  • Assists students who are in need of additional financing after having exhausted all other financing options such as grants, scholarships and all types of federal loans.
  • Loan approval is credit based and may require a co-signer
  • Be aware of the lender’s fees, interest rates, and repayment options

Annual Stafford Loan Limits for Undergraduate and Graduate Students

Effective for loans first disbursed on or after July 1, 2012

Dependent Students
Sub/
Unsub
Additional Unsubsidized
Loan Amount
Freshman
$3,500
$2,000
Sophomore
$4,500
$2,000
Junior and beyond
$5,500
$2,000

Independent Students

Sub/
Unsub

Additional Unsubsidized Loan Amount
Freshman
$3,500
$6,000
Sophomore
$4,500
$6,000
Junior and beyond
$5,500
$7,000
Graduate Students
$20,500

 

Aggregate Loan Limits


Subsidized / Unsubsidized Aggregate
Dependent Undergraduate Students
$31,000
(maximum $23,000 subsidized)
Independent Undergraduate Students
$57,500
(maximum $23,000 subsidized)
Graduate and Professional Students
$138,500
(maximum $65,500 subsidized)
Open House and Visit Days
Contact us

Office of Financial Aid

Eckhart Hall 205
347 S. Gladstone Ave.
Aurora, IL 60506
630-844-6190
800-742-5281
630-844-6191 (fax)
finaid@aurora.edu