Loans
Loans are offered by the federal government, commercial providers, and financial institutions. Loans are borrowed money and must be repaid by the student.
Federal Loans
Stafford Loan Program - Students who file a FAFSA and enroll at least half time may qualify for a Stafford Loan, which is a long-term, low-interest loan.
Students who demonstrate need, according to the federal need analysis formula, may qualify for a subsidized Stafford Loan. Students who do not qualify for a subsidized Stafford Loan may be eligible for an unsubsidized Stafford Loan.
Stafford loans currently have a fixed interest rate of 6.8 percent. Beginning on July 1, 2008, the interest rates for Subsidized Stafford Loans will be lowered in small increments over the next few years (for undergraduates only). The interest rates are as follows:
| 2008-2009 | 6.0% for loans first disbursed after 7/1/2008 |
| 2009-2010 | 5.6% for loans first disbursed after 7/1/2009 |
| 2010-2011 | 4.5% for loans first disbursed after 7/1/2010 |
| 2011-2012 | 3.4% for loans first disbursed after 7/1/2011 |
| 2012-2013 | 6.8% for loans first disbursed after 7/1/2012 |
Repayment of the principal for both subsidized and unsubsidized Stafford Loans begins six months after the borrower ceases to be enrolled at least half time.
The following charts outline the annual and aggregate amounts students may borrow from the Federal Stafford Loan Program (subsidized and unsubsidized combined):
Undergraduate Students:
| Year | Dependent Students | Independent Students |
| Freshman | $3,500 | $7,500 |
| Sophomore | $4,500 | $8,500 |
| Junior | $5,500 | $10,500 |
| Senior | $5,500 | $10,500 |
| Total Undergraduate | $23,000 | $46,000 |
Please note: With both subsidized and unsubsidized Stafford Loans, a maximum 4% origination and guarantee fee is deducted from the gross loan amount before any loan proceeds are sent to Xavier University.
Visit our Stafford loan process page for detailed information about applying for a Stafford Loan.
Perkins Loans - The Perkins is a low-interest loan that may be offered to students with financial need whose FAFSA is received by the federal processor by February 15. Consult our FAFSA tips page for help in completing this application. There are no origination or guarantee fees with Perkins Loans. Repayment of principal and interest, which is fixed at 5%, begins nine months after the student leaves school or is no longer enrolled at least half time. Consult the Loan Collections webpage for information on repayment of Perkins Loans. To sign the Perkins Loan Promissory Note, please go to http://www.ecsi.net/prom2a/.
Federal Parent Loan for Undergraduate Students (PLUS) - Parents of dependent undergraduate students may borrow a PLUS loan on behalf of their child. PLUS loans have a fixed interest rate of 8.5 percent. Repayment of principal and interest begins no later than 60 days after the final annual disbursement of the loan. Use our convenient online Parent Loan for Undergraduate Students (PLUS) form.
Alternative Loans
Various alternative loans are available for students who need additional financial assistance. These are commercial loans which usually require a credit check and/or credit worthy co-signer. Additional Information on alternative loans may be found on FastAlt Solutions website.
Home Equity Loans
Many financial institutions will lend money on the equity in the family's home. The interest on these loans is normally one and one-half to two points higher than the prime rate, and the interest is usually deductible on your tax return. Contact a financial institution for specific information and an application.