Federal Aid Program Descriptions

The Federal Unsubsidized Direct Student Loan Program allows a graduate student to borrow up to $20,500 per award year. The federal government does not pay the interest on unsubsidized loans. Students are responsible for the interest that accrues on this loan during the time they are enrolled in school, during their grace period, and during periods of authorized deferment and forbearance. Students, however, have the option of paying these interest charges while attending school. If they choose not to pay the interest, it will accrue and be capitalized. Graduate students may not borrow more than a total of $138,500.  This total includes all previously borrowed undergraduate subsidized and unsubsidized loans.

First-time borrowers must complete a Master Promissory Note (MPN) and an Entrance Counseling session at www.studentloans.gov to insure that all borrowers' rights and responsibilities are understood.  Loans cannot be disbursed until the entrance counseling and MPN have been completed.   Loan terms are determined by federal statute and may vary by the year the students obtain their initial loans.  Go to studentloans.gov for current interest rates.

These loans are available to Graduate students to help meet their cost of attendance expenses and may not exceed the total calculated cost of attendance minus other financial aid received. GPLUS loan borrowers are subject to a credit check and, if approved, are required to complete a Graduate Plus Master Promissory Note (MPN) and Entrance Counseling. Loans cannot be disbursed until the MPN and Entrance Counseling have been completed by going to www.studentloans.gov. GPLUS loan repayment begins within 60 days of disbursement of funds.