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Student Financial Aid

Loans

Student loans can help fill the gap between the cost of attendance and the amount of aid­­ received through scholarships and grants. However, because these funds must be repaid, students are encouraged to only borrow the amount they need. If the loan approval is more than the amount needed, students can reduce the loan amount by following the directions provided in the iROAR portal on the “Accept Aid Offer” tab.

Types of Loans

two female students sit on the grass talking outside 55 exchange and the high rises

Summary of Loan Programs

Loan Name Interest Rate
(disbursed from
7/1/23 to 6/30/24)
Origination Fee

Repayment Co-Signer
or Endorser
Needed?
Subsidized
Direct Loan
5.50% Fixed for
undergraduates
1.057% Begins 6 months
after graduation or
less than half-time
enrollment
No
Unsubsidized
Direct Loan
5.50% Fixed for
undergraduates
7.05% Fixed for
graduates
1.057% Begins 6 months
after graduation or
less than half-time
enrollment
No
Parent PLUS
Loan
8.05% Fixed 4.228% Begins 60 days after
loan is fully
disbursed
Dependent
upon credit
decision
Graduate
PLUS Loan
8.05% Fixed 4.228% Begins 60 days after
loan is fully
disbursed
Dependent
upon credit
decision
Private Loans Variable Variable Variable May be
required —
highly
recommended

Loan Consolidation

Loan consolidation is not applicable to in-school financing, but it might be desirable to students with loans from multiple sources. 

Factors you should consider when deciding if consolidation is right for you

  1. Are your monthly payments manageable?

If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options and/or want to avoid default, a Direct Consolidation Loan may help you.

  1. Are too many monthly payments driving you crazy?

If you send payments to more than one lender every month and want the convenience of a single monthly payment, consolidation may be right for you. With a Direct Consolidation Loan, you will have a single lender — the U.S. Department of Education — and a single monthly payment.

  1. What are the interest rates on your loans?

If you have variable interest rates on your federal education loans, you may want to consolidate. The interest rate for a Direct Consolidation Loan is fixed for the life of the Direct Consolidation Loan. The rate is based on the weighted average interest rate of the loans being consolidated, rounded to the next nearest higher one-eighth of one percent and cannot exceed 8.25 percent.

  1. How much are you willing to pay over the long term?

Like a home mortgage or a car loan, extending the years of repayment increases the total amount you must repay.

  1. How many payments do you have left on your loans?

If you are close to paying off your student loans, it may not be worth the effort to consolidate or extend your payments. 

For more information on Federal Direct Loan Consolidations, visit the Federal Direct Loan Consolidation Information Center.

Conflict of Interest and Code of Conduct Policy

Clemson University’s Conflict of Interest and Code of Conduct Policy guides interactions with lending entities and prohibits conflicts of interest in situations involving student financial aid.