These loans are specifically for eligible undergraduate students (only) who have a financial need to help cover the cost of college. Your financial need is determined after you fill out your FAFSA. 
2020-2021 interest rate is 2.75%.

The Federal Direct PLUS loan is a non-need-based parent loan for dependent students with a variable interest rate not to exceed 10 percent. Credit checks are conducted by the lender to determine loan approval.

Parents of dependent undergraduate students may borrow up to the cost of education minus financial aid per year for each child who is enrolled at least half time and is a dependent student.

Graduate students and working adult students are also eligible for the Direct PLUS loan. 
2020-2021 interest rate is 5.30%.

An “unsubsidized” Federal Direct Loan can be borrowed by students who are not eligible for a need-based Federal Direct Loan. When borrowing the “Unsubsidized” Federal Direct Loan, students will be charged interest from the time the loan is disbursed until it is paid in full.
2020-2021 interest rate is 2.75% (undergraduate) and 4.30% (graduate).

Private loans should be considered as a last resort when financing your college education. We strongly encourage you to borrow from the Federal Student Loan program before considering Private Loans. Additionally, graduate students are encouraged to apply for a Graduate PLUS Loan before applying for Private Loans. Generally, you will receive a better interest rate on Federal Student Loans than with Private Loans. However, if you need additional funding beyond your Federal Student Loan eligibility, Private Loans may help you cover unmet educational expenses.

Private Loans are made by banks and other financial institutions and are subject to their terms. Eligibility for these loans requires a credit check, and students are often required to have a co-signer to qualify. Tennessee Wesleyan does not endorse or recommend any specific Private Loan product. In determining which Private Loan is best for your needs, we recommend you research and compare loan interest rates, fees, repayment options, and eligibility requirements. If your private loan requires a Self-Certification form, please come by our office and we will be happy to assist you with its completion.