Loans are a form of financial aid that is borrowed and that must be repaid. An education loan is money borrowed to pay educational expenses.
Federal Direct Loan Program
This program is also referred to as the William D. Ford Federal Direct Loan Program. Eligible students and parents borrow directly from the U.S. Department of Education. DigiPen Institute of Technology awards these loans, but students and parents repay them directly to the federal government.
Federal Direct Unsubsidized Loans
This is a fixed-interest loan awarded to graduate students who complete a FAFSA, regardless of financial need.
This loan is unsubsidized during enrollment so interest will begin accruing immediately as funds are disbursed. Students can opt to either pay the interest as it accrues, or defer payment, in which case the interest is capitalized
Private Loans
Private Education Loans, also known as Alternative Education Loans, are student loans offered by private banks or other financial institutions. These loans are credit-based and may have variable interest rates. DigiPen Institute of Technology does not participate in any preferred lender arrangements, nor does it endorse any lenders.