Student Loans - Graduate
Direct Loan Online Services:
William D. Ford Federal Direct Subsidized Loan:
*Effective the 2012-2013 Aid Year Graduate students will no longer receive Federal Direct Subsidized Loans
- Federally funded loan program available through the University
- Eligibility determined on demonstrated financial need
- Must complete FAFSA
- Enrolled at least half time (6 credits)
- Enrolled in a degree granting program
- Students must complete an online Entrance Counseling
- Students must complete an Electronic Master Promissory Note
- Graduate students eligible to receive up to $8,500
- Lifetime aggregate loan limit of $65,500 may not be exceeded
- Students pay an origination fee
- Interest rate effective July 1, 2011 fixed 3.4
- The federal government pays the annual interest rate on the subsidized loans while the student is enrolled in school and during the six month grace period
- Repayment starts six months after graduation, withdrawal, or when the student’s course load drops below half time (6 credits) status
- Students must complete an Exit Counseling at point of graduation, withdrawal from school, or enrollment status drops below half time (6 credits) status
- Loan that must be repaid
William D. Ford Federal Direct Unsubsidized Loan:
- Federally funded loan program available through the University
- Eligibility does not require demonstrated financial need
- Must complete FAFSA
- Enrolled at least half time (6 credits)
- Enrolled in a degree granting program
- Students must complete an online Entrance Counseling and Electronic Master Promissory Note
- Borrowers may receive both the subsidized and unsubsidized loans for the same loan period, although the combination of both cannot exceed the $20,500 annual loan limit
- Aggregate loan limit for graduate students cannot exceed $138,500 ($65,500 maximum in subsidized loans)
- Students pay an origination fee
- Interest rate effective July 1, 2012 fixed 6.8%
- Interest is charged from the time the loan is disbursed until it is paid in full. If a student allows the interest to accumulate, it will be capitalized—that is, the interest will be added to the principal amount of the loan and additional interest will be based upon the higher amount
- Repayment starts six months after graduation, withdrawal, or when the student’s course load drops below half time (6 credits) status
- Students must complete an Exit Counseling at point of graduation, withdrawal from school, or enrollment status drops below half time (6 credits) status
- Loan that must be repaid
Federal Direct Grad PLUS Loan:
- Federally funded loan program available through the University
- Eligibility does not require demonstrated financial need
- Available to graduate students
- Student must be enrolled at least half time (6 credits)
- Student must be enrolled in a degree program
- Awards provide up to the cost of attendance minus financial aid per academic year
- Interest rate is fixed at 7.9% beginning July 1, 2012, and repayment begins 45-60 days after the second disbursement.
- Refer to the Direct Loan website for current interest rates
- Students must complete an Entrance Counseling and Electronic Master Promissory Note
- A FAFSA is not required to apply for the PLUS loan; however, students are encouraged to file a FAFSA so that they can receive the maximum aid available
- Students may download an application online from the Financial Aid Forms page
- Loan that needs to be repaid