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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
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
- 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.
- 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.
- 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.
- 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.
- 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.
