Types of Loans for Graduate Students

Be sure to review  NSLDS Consumer Loan Disclosure Information

Important note: All loans must be originated prior to the end of the semester for which you would like to receive the loan. Refer to the academic calendar for the official end of semester dates.

• Direct Unsubsidized Loans
   

  Federal Direct Unsubsidized Loans

  Unsubsidized loans are non-need based loans and are available regardless of financial need. Students must be enrolled in a degree program with six or more credits to be eligible.

  First time borrowers will be required to complete a Master Promissory Note and Entrance Counseling before loan funds can be disbursed.

  The federal government does NOT pay the interest. Interest begins to accrue as soon as the loan funds are disbursed. Students may choose to pay the interest that accumulates or have it capitalized – meaning, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount. Paying the interest as it accumulates will reduce the amount of interest that must be repaid. 

  Graduate unsubsidized loans with a disbursement date on or after July 1, 2022 have an effective interest rate of 6.54%

  Graduate unsubsidized loans with a disbursement date on or after July 1, 2023 have an effective interest rate of 7.05%
  
  The loan origination fee for an unsubsidized loan that has fully or partially disbursed on or after October 1, 2020 and prior to October 1, 2023 is 1.057%.  This fee will be reduced from the loan funds sent to the school.

  Repayment begins 6 months after you graduate or are no longer enrolled for 6 or more credits. Payments are made directly to your loan servicer. To locate your servicer log into The National Student Loan Data System.

• Direct Loan Limit

  Graduate Student Annual Loan Limit

  Subsidized	Unsubsidized
  N/A	$20,500

   

  Graduate Student Combined Total (Aggregate) Limit

  An aggregate loan limit is the total amount of money a student is allowed to borrow during his/her education. The graduate aggregate limit includes all federal loans received for undergraduate study as well.

  Graduate Student: $138,500 (no more than $65,500 can be subsidized)*

  *Effective for periods of enrollment beginning on or after July 1, 2012, graduate students are no longer eligible to receive Direct Subsidized Loans. The $65,500 subsidized aggregate loan limit for graduate students includes subsidized loans that a graduate student may have received for periods of enrollment that began before July 1, 2012, or for prior undergraduate study. 

• Direct Graduate Plus

   Graduate PLUS loans are available to eligible graduate and professional students up to the cost of attendance minus other financial assistance offered each academic year. To be eligible, you must be enrolled in 6 or more matriculated credits and not have an adverse credit history.

  First time borrowers will be required to complete a Master Promissory Note before loan funds can be disbursed.

  
  Graduate PLUS Loans with a disbursement date on or after July 1, 2022 have an effective interest rate of 7.54%

  Graduate PLUS Loans with a disbursement date on or after July 1, 2023 have an effective interest rate of 8.05%
  
   The loan origination fee for a Graduate PLUS loan that has fully or partially disbursed on or after October 1, 2020 and prior to October 1, 2023 is 4.228%.   This fee will be reduced from loan funds sent to the school.

  Interest begins accruing as the loan is disbursed. Borrowers may choose to repay the interest monthly, quarterly, or have the interest capitalized. Repayment of the principal balance plus interest begins 60 days after the loan has disbursed. However, the borrower can defer payments while that are enrolled at least half time (six credits) by contacting the loan servicer. To locate your servicer log into The National Student Loan Data System.

  If a Grad PLUS is denied:

  The borrower will receive notification from the federal government as to the credit decision. The borrower has an option to re-apply with a credit-worthy endorser.

• NSLDS Consumer Loan Disclosure Information
   

  NSLDS Consumer Loan Disclosure Information

  Institutions that enter into an agreement with a potential student or parent of a student regarding a Title IV loan are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.   [HEOA Sec. 489 amended Sec. 485B (d) (4) (20 U.S.C. 1092b)]