Federal Direct Parent Plus Loans Available to your parents if you are still considered a legal dependent according to the FAFSA. Parents must complete an online application and Master Promissory Note. Federal Direct Stafford Loans A long-term, low fixed-interest rate loan based on your grade level. This loan can be awarded in two forms based on your financial need: Subsidized Stafford Loans: Need-based. The federal government subsidizes (pays) the interest until the loan goes into repayment. Unsubsidized Stafford Loans: Not need-based. The federal government does not subsidize (pay) any interest. You have the option to pay interest while attending school or have interest accumulate and be capitalized at repayment. Alternative Loans Alternative loans allow you to borrow the remainder of what traditional financial aid programs do not cover. Loans may require a cosigner. Interest rates vary. Installment Payment Plan You may be eligible to participate in a monthly payment plan once you are admitted and have submitted your tuition deposit. MCAD’s Student Accounts Office manages this program.