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.
Federal Direct Unsubsidized Loan
Eligibility: Not need-based.
Amount: Federal Direct Unsubsidized Loans may not exceed $20,500 in an academic year.
Renewal: Must re-apply for financial aid and maintain satisfactory academic progress.
Interest Rate: The interest rate is a fixed rate at disbursement. See current rates.
Repayment: Begins six months after the student graduates or ceases to be enrolled at least half-time. Borrowers are responsible for interest while they are enrolled and during the repayment period. However, interest payments can be deferred while a student is enrolled and during their grace period.
Federal Direct Graduate Plus Loan
Eligibility: Not need-based. Student must have acceptable credit rating. Co-signer is allowed.
Amount: The maximum amount is the student's estimated budget minus financial aid.
Renewal: Application required annually. In addition the student must re-apply for financial aid and maintain satisfactory academic progress.
Interest Rate: See current rates.
Repayment: Begins 60 days after the last disbursement. However, in-school deferment will be automatically granted based on school certification. In addition, repayment of Federal Direct Graduate Plus loans may be aligned with the grace period on any Federal Direct loan. Fees are charged according to Federal laws.
More detailed information on Federal Direct Graduate Loans can be found at the Department of Education's Federal Student Aid website.