The Bipartisan Student Loan Certainty Act ties the interest rate for federal student loans to the yield on the U.S. Treasury 10-year borrowing rate.
- The interest rate for Subsidized and Unsubsidized Stafford Loans first disbursed between July 1, 2019 through June 30, 2020 is 4.53%.
- The interest rate for a Parent PLUS Loan first disbursed between July 1, 2019 through June 30, 2020 is 7.08%.
- The interest rate for an Unsubsidized Stafford Loan first disbursed between July 1, 2019 through June 30, 2020 is 6.08% fixed.
- The interest rate for a Grad PLUS Loan first disbursed between July 1, 2019 through June 30, 2020 is 7.08% fixed.
NewSchool is approved by the U.S. Department of Education to participate in the following federal Title IV programs:
Federal Pell Grant
Federal Pell grants are offered to undergraduate students who have not earned a bachelor’s or professional degree. Because they are grants, students are not responsible for repayment. Eligibility is determined according to need, the cost of attendance, and the amount of money appropriated by Congress to fund the program.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The FSEOG is available to students with exceptional financial need and a low expected family contribution. Because this is a grant, students are not responsible for repayment. The amount of the grant and the number of students who may receive it depend on the availability of funds from the U.S. Department of Education.
William D. Ford Federal Direct Loans
William D. Ford Federal Direct Loans are another source of federal student aid. Loans may be obtained from the William D. Ford Federal Direct Loan Program funded by the U.S. Department of Education. Loans obtained through this program are low-interest rate loans that are insured by guarantee agencies or the U.S. Department of Education. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide. Federal Direct Loans are available to students regardless of income. A student can apply for Federal Direct Loans through the school’s financial aid department.
Student eligibility must be determined using the results of the FAFSA and a student must be enrolled in an approved program at least part-time to participate in Federal Title IV programs. The loan must be used to pay for direct and/or indirect educational expenses.
Federal Subsidized Stafford Loan
The Subsidized Stafford Loan for undergraduate students does not charge the borrower with interest on the amount borrowed while in school and for six months after leaving school. During these periods, interest is paid by the lender by the U.S. government.
Federal Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford Loan for both graduates and undergraduates allows students to borrow a Federal Stafford Loan even if they did not demonstrate sufficient financial need for the subsidized version. The same terms and conditions as the Subsidized Stafford Loan apply except that the borrower is responsible for interest that accrues while she/he is in school and after leaving school.
Federal Parent PLUS Loan
The Federal Parent PLUS loan is available to parents of dependent students to help pay their child’s educational expenses. PLUS loans are not based on need. They can be combined with other financial aid resources and cannot exceed the student’s cost of attendance.
Federal Graduate PLUS Loan
The Graduate PLUS Loan is available to graduate students to assist with educational expenses. PLUS loans are not based on need. They can be combined with other financial aid resources and cannot exceed the student’s cost of education.
Alternative (Private) Loans
Students who have exhausted their federal financial aid and who require additional assistance may apply for alternative (private) loans from lending institutions. Please click here to explore alternative or private loans or see the financial aid office for additional information.