DIRECT STUDENT LOANS- visit the Student Aid site for more details
ELIGIBILITY: Matriculated graduate students must file the FAFSA to qualify for Direct Student Loans. Grads must be enrolled in a master's degree program (not a certificate program) for 6 credits or more per semester to be eligible.
REQUIREMENTS: First time borrowers are required to complete a Master Promissory Note (MPN) and entrance interview on the Federal website: www.studentloans.gov. Login using your fafsa pin.
- Complete MASTER PROMISSORY NOTE for Unsubsidized loan. (Direct Loan promissory notes are valid for 10 yrs.)
- Complete ENTRANCE COUNSELING.
LOAN AMOUNTS:
- $20,500 maximum award per year
- Aggregate total of $138,500
LOAN FEES & RATES:
- Subsidized loans are no longer available (the subsidized loan program ended for grad students in 2011/2012)
- Unsubsidized Loans for 2013/14: fixed at 6.8% interest w/ 1% origination fee
REPAYMENT: Repayment begins 6 months after the student graduates or falls below half-time.
IMPORTANT! All borrowers are encouraged to review their National Student Loan Data System (NSLDS) records to monitor their debt. Login to nslds.ed.gov using your federal pin. The NSLDS lists the servicer of each of your federal federal loans. It is recommended that you then create a login on your servicer(s) website(s) as borrowers are encouraged to work with their servicing agents to maintain a workable and affordable payment plan.
For more information on repayment and repayment plans, please visit the Federal Student Aid site.
GRADUATE PLUS LOANS- visit the Student Aid site for more details
ELIGIBILITY:
- Graduate students must file the FAFSA to qualify for Grad PLUS.
- Applicants must pass a credit check to qualify.
- Borrower must have unmet need in his/her financial aid package.
REQUIREMENTS: Applications must be completed at www.studentloans.gov. Login using your fafsa pin.
- Click and complete REQUEST A PLUS LOAN (select Graduate PLUS)
- If credit is approved then complete MASTER PROMISSORY NOTE for Grad PLUS loan.
LOAN AMOUNTS: The maximum Grad PLUS Loan amount you can borrow is your cost of attendance (determined by the school) minus any other financial assistance you will receive.
LOAN FEES & RATES: The interest rate is fixed at 7.9% and there's a 4% origination fee.
REPAYMENT: The repayment period for a Direct Grad PLUS Loan begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. However, you may defer repayment while you are enrolled at least half-time. If your Direct PLUS Loan was first disbursed on or after July 1, 2008, you may also defer repayment for an additional six months after you cease to be enrolled at least half-time. See the Federal Student Aid site for more info.
IMPORTANT! All borrowers are encouraged to review their National Student Loan Data System (NSLDS) records to monitor their debt. Login to nslds.ed.gov using your federal pin. The NSLDS lists the servicer of each of your federal federal loans. It is recommended that you then create a login on your servicer(s) website(s) as borrowers are encouraged to work with their servicing agents to maintain a workable and affordable payment plan.
For more information on repayment and repayment plans, please visit the Federal Student Aid site.
