Graduate Loans
Loans for Graduate Students
Up to 2% of the total amount of the Federal Direct Unsubsidized Loan, and up to 5% for the Federal Direct PLUS Loan mentioned below may be deducted by the Department of Education. In addition, if a student graduates or ceases to attend half-time, they are required to complete an exit loan counseling session for their federal student loans.
For information and resources about student loan repayment, or to submit a complaint relating to your student loan or student loan servicer, please visit www.wsac.wa.gov/loan-advocacy or contact the Student Loan Advocate at loanadvocate@wsac.wa.gov.
Aggregate Loan Limits: Graduate students cannot take out a total of more than the following aggregate amounts during their time in school–
- Graduate Independent Federal Direct Subsidized and Unsubsidized limit: $138,500*
*Graduate students are no longer eligible for Federal Direct Subsidized Loans, but existing balances on such loans count toward the aggregate loan limit. Aggregate limit for graduate students includes loans received for undergraduate study.
Federal Direct Unsubsidized Loan
Eligibility: Not need-based
Amount: Federal Direct Unsubsidized Loans for graduate students may not exceed $20,500 in an academic year.
Renewal: Must re-apply for financial aid annually and maintain satisfactory academic progress.
Terms: The interest rate is fixed at the time of disbursement, and loan fees are charged according to Federal laws. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. Borrowers are responsible for the interest during all periods, regardless of enrollment or loan status. Interest payments can be deferred while the student is in school and during the grace period, but interest will continue to accrue and will be capitalized (added to the principal balance of the loan). Repayment of principal and interest begins six months after the student graduates, leaves school, or drops below half-time enrollment. See more information on interest rate and fees and loan repayment.
Apply: Complete the required Entrance Counseling and Master Promissory Note (MPN) to review your responsibilities and rights as a borrower, and to agree to the terms and conditions under which you must repay the loan. Starting with the 2021-2022 award year, all student borrowers must also complete an Annual Student Loan Acknowledgment to view how much they currently owe in federal student loans, and to acknowledge that they have seen this amount before the school can make a first disbursement of the first federal loan that a student borrower receives for each new award year.
Accept Loan: Student loan borrowers at Northwest University must sign and submit the annual Financial Aid Terms and Conditions to accept their loan.
Federal Direct Graduate PLUS Loan (GPLUS)
Eligibility: Borrower must be a graduate student enrolled at least half-time in an eligible degree program; must not have an adverse credit history (a credit-check will be performed); and must be a U.S. citizen or eligible noncitizen and meet all other general eligibility requirements for federal student aid.
Amount: The maximum amount is the student’s estimated cost of attendance minus financial aid.
Renewal: Graduate PLUS application is required annually. In addition, the student must re-apply for financial aid annually and maintain satisfactory academic progress.
Terms: The interest rate is fixed at the time of disbursement, and loan fees are charged according to Federal laws. Interest on PLUS loans accrues from the date of disbursement and continues throughout the life of the loan. Student borrowers are responsible for the interest during all periods, regardless of enrollment or loan status. Repayment of principal and interest begins six months after the student graduates, leaves school, or drops below half-time enrollment. See more information on interest rate and fees and loan repayment.
Apply: Student must complete the online Direct PLUS Loan Application (includes a credit check) and sign the Master Promissory Note (MPN) for Graduate/Professional Students. Starting with the 2021-2022 award year, all student borrowers must also complete an Annual Student Loan Acknowledgment to view how much they currently owe in federal student loans, and to acknowledge that they have seen this amount before the school can make a first disbursement of the first federal loan that a student borrower receives for each new award year.