Skip to Main Content

Graduate Loans

Graduate Student Loans

A loan is money that is borrowed and must be paid back with interest. Loan repayment usually begins after you have completed your education or drop below half time (6 credits) enrollment. Remember you can borrow less than what is offered to you. You should only borrow what you need!

Find On SiS:

Types of Available Loans:

Direct Loan Online Services:

Federal Direct Unsubsidized Loan:

  • Federally funded loan program available through the University
  • Eligibility does not require demonstrated financial need
  • Must complete Free Application for Federal Student Aid (FAFSA) (no separate application required)
  • Enrolled at least half time (6+ credits)
  • Enrolled in a degree granting or eligible certificate program
  • Must meet eligibility requirements
  • Students must complete an online Entrance Counseling and Master Promissory Note
  • Borrowers may receive no more than $20,500 in unsubsidized loans for an academic year or loan period
  • Aggregate loan limit for graduate students cannot exceed $138,500 ($65,500 maximum in subsidized loans)
  • Interest rates for loans disbursing on or after July 1, 2020 is 4.30%
  • Origination fees for loans disbursing on or after Oct. 1, 2019 is 1.059%
  • 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 Perkins Loan*:

*Note: The Federal government has discontinued any new Perkins Loans as of Oct. 1, 2017. The details below are for informational purposes only for prior Perkins Loan borrowers.

  • Federally funded loan program available through the University (note that funding is limited each year and funding is not guaranteed to be available)
  • Eligibility determined by demonstrated financial need, as well as available funding
  • Must completed FAFSA (no separate application required)
  • Enrolled at least half time (6 credits)in a degree granting or eligible certificate program
  • Must complete a Promissory Note and Personal Information Sheet after awarded
  • May not exceed the annual loan limit of $8,000
  • May not exceed the graduate lifetime loan limit of $60,000, which includes amounts borrowed as an undergraduate
  • Interest rate is a fixed 5.0%
  • There are no origination fees
  • Repayment starts nine months after graduation, withdrawal or if your enrollment drops below half time (6 credits)
  • Must complete Perkins Exit Counseling at the point of graduation,withdrawal or if your enrollment drops below half time (6 credits)
  • This is a loan that must be repaid

Nurse Faculty Loan:

The Nurse Faculty Loan Program (NFLP) is a federal loan program offered through the government’s Health Resources & Services Administration. Information related to the program and requirements can be found on the government’s website.

Student eligibility is determined in accordance with Barbara Mawn in the School of Nursing, based on the Administrative Guidance set forth by the government. If you have questions about starting the application process, please email Barbara Mawn at: Barbara_Mawn@uml.edu.

Award amounts may not exceed $35,500 per year, up to a student’s maximum cost of attendance less other aid received. Funding may also be limited by the annual amount awarded by the Health Resources & Services Administration to the University. Students must be actively enrolled in coursework on either a part-time or full-time basis. Interest rates and loan forgiveness options will be subject to your employment status, per the federal guidelines.

Please note that you will be required to complete Exit Counseling once you are not enrolled for a semester, and repayment of the loan begins nine months after you cease enrollment.

Students who have received an email and a "To Do" list item on SiS notifying them that their application for the Nurse Faculty Loan has been accepted and are now eligible for an award, will have additional documents to complete. Nurse Faculty Loan Truth in Lending Document.

Documents that must be completed:

  • Application Solicitation form
  • First Approval Disclosure
  • Self-Certification form
  • Nurse Faculty Loan Promissory Note
  • Final Approval Disclosure

Important Information:

  • You will receive an email when these documents have been deemed complete.
  • The Nurse Faculty Loan funds will be disbursed within 10 business days from the date all requirements for this loan have been met.
  • Feel free to review the sample disclosure Nurse Faculty Loan Truth in Lending Document.

Additional Information

  • Sample Repayment Schedule
  • The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s centralized database of all federal student Information about student and parent federal loans will be submitted to the U.S. Department of Education's national Student Loan Data System (NSLDS). NSLDS provides an overview of all federal student loans, loan amounts, enrollment status, loan servicer, outstanding balances, loan status and disbursements pertaining to a borrower. This information will also be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.