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Graduate-Level Federal Loans

Federal Direct Student Loans

Graduate PLUS loans

Alternative Loans


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.  Students must also be making satisfactory academic progress towards their degree to qualify.

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 federal pin and then do the following:

    1. Complete MASTER PROMISSORY NOTE for Unsubsidized loan.  (Direct Loan promissory notes are valid for 10 yrs.)
    2. 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 2014/15: fixed at 6.21% interest w/ 1.073% origination fee 

REPAYMENT: Repayment begins 6 months after the student graduates or falls below half-time.  Standard repayment is ten years.  IMPORTANT-  If you have any questions about federal loan repayment do not hesitate to contact your servicer. They have been contracted by the Department of Education to help you! You can ask them questions about the varying payment plans, interest, etc. Also, if you are having a hard time making your payments after graduation you'll want to contact them to discuss it. There may be options for you so that you can avoid ruining your credit with late or skipped loan payments!

Do you know who your loan servicers are? If not, then follow these simple instructions to find out...

1. Go to www.nslds.ed.gov

2. Select "Financial Aid Review."

3. Read the privacy statement. You must accept these terms to use NSLDS.

4. Have your PIN available. Don't know your federal PIN number? Visit www.pin.ed.gov and 'Request a Duplicate PIN' to have it displayed on the screen for you.

5. Login with your SSN, DOB, PIN etc..

6. Each of your federal loans will display on NSLDS.  View the loan details of each and scroll to the bottom to find your Current ED Servicer for each loan. If your loans were all taken out recently, they should all be with the same servicer. If you have old loans and new loans then you may have more than one servicer. 

7. Now that you know who your servicer is you should create a login on their website so you can track your loans.  Examples of servicers include Great Lakes, Sallie Mae, FedLoan, etc...

For more information on repayment and repayment plans, please visit the Federal Student Aid site.

Explore your fed student loan repayment options

 

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.
  • Cannot borrow more than the cost of attendance.
  • Must also be making satisfactory academic progress towards their degree.

REQUIREMENTS: Applications must be completed at www.studentloans.gov.  Login using your federal pin then do the following:

    1. Click and complete REQUEST A DIRECT PLUS LOAN (then select Graduate PLUS)
    2. 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 for 2014/15 is 7.21% and there's a 4.292% 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 by selecting the deferment option during the application process at studentloans.gov.  IMPORTANT- If you have any questions about federal loan repayment do not hesitate to contact your servicer. They have been contracted by the Department of Education to help you! You can ask them questions about the varying payment plans, interest, etc. Also, if you are having a hard time making your payments after graduation you'll want to contact them to discuss it. There may be options for you so that you can avoid ruining your credit with late or skipped loan payments! Do you know who your loan servicers are? If not, then follow these simple instructions to find out...

1. Go to www.nslds.ed.gov

2. Select "Financial Aid Review."

3. Read the privacy statement. You must accept these terms to use NSLDS.

4. Have your PIN available. Don't know your federal PIN number? Visit www.pin.ed.gov and 'Request a Duplicate PIN' to have it displayed on the screen for you.

5. Login with your SSN, DOB, PIN etc..

6. Each of your federal loans will display on NSLDS.  View the loan details of each and scroll to the bottom to find your Current ED Servicer for each loan. If your loans were all taken out recently, they should all be with the same servicer. If you have old loans and new loans then you may have more than one servicer.

7. Now that you know who your servicer is you should create a login on their website so you can track your loans.  Examples of servicers include Great Lakes, Sallie Mae, FedLoan, etc...

For more information on repayment and repayment plans, please visit the Federal Student Aid site.