The Federal Direct Loans are a primary source of loan assistance for graduate students. This is a low-interest loan processed through the Federal Government.

The Federal Direct Subsidized Loan has the following terms/features:

• A fixed interest rate of 6.8%. 
• The maximum annual loan limit for the Federal Direct Subsidized Loan is $8,500.  Note:  Students in the School of Education Licensure programs have reduced loan limits. 
• Interest is subsidized/paid by the Federal Government on the Federal Direct Subsidized Loan during the in-school period, grace period and authorized deferment periods.
• No credit check and no cosigner required. 
• FAFSA is required.  
• Repayment begins 6 months after you are no longer enrolled at least half-time.
• Aggregate borrowing limit of $65,500 for students enrolled in graduate degree programs (includes outstanding undergraduate subsidized and unsubsidized Federal Loans).
• Standard 10-year repayment plan with option for extending repayment up to 25 years for those whose total subsidized and unsubsidized Federal Loan debt exceeds $30,000.
• Flexible repayment options.
• Deferment and Forbearance options are available to temporarily reduce or delay your monthly payments.
• Loan cancellation in the event of your death or permanent and total disability.
• Eligible for Federal Loan Consolidation.

The Federal Direct Unsubsidized Loan has the following terms/features:

• A fixed interest rate of 6.8%.  Interest begins to accrue on the Federal Direct Unsubsidized Loan when loan funds are disbursed.  
• The maximum annual loan limit for the Federal Direct Unsubsidized Loan is $12,000.  Note:  Students in the School of Education Licensure programs have reduced loan limits. 
• No credit check and no cosigner required. 
• FAFSA is required.  
• Repayment begins 6 months after you are no longer enrolled at least half-time.
• Aggregate borrowing limit of $73,000 (combined subsidized and unsubsidized Federal Loan aggregate maximum is $138,500) for students enrolled in graduate degree programs (includes outstanding total undergraduate loans).
• Standard 10-year repayment plan with option for extending repayment up to 25 years for those whose total total subsidized and unsubsidized Federal Loan debt exceeds $30,000.
• Flexible repayment options.
• Deferment and Forbearance options are available to temporarily reduce or delay your monthly payments.
• Loan cancellation in the event of your death or permanent and total disability.
• Eligible for Federal Loan Consolidation.

While no credit check is performed, if you are in default on a federal loan or owe a refund or repayment of a federal grant, you are not eligible for the Federal Direct Loan or any other federal student aid program.

Federal Direct Graduate PLUS Loans

The Federal Direct Graduate PLUS Loan is another great source of loan assistance for graduate students.  This is a low-interest loan processed through the Federal Government.

The Federal Direct Graduate PLUS Loan has the following terms/features:

• A fixed interest rate of 7.9%.  Interest begins to accrue when loan funds are disbursed.
• Each academic year, a student can borrow up to their total cost of attendance budget as determined by the Graduate Financial Aid Office.
• Credit Check is required. Students with no adverse credit would be approved for the Federal Direct Graduate PLUS Loan. 
• FAFSA is required.
• Ability to defer repayment while you are in school school at least half-time. 
• Repayment begins up to 60 days after you are no longer enrolled at least half-time.
• Deferment and Forbearance options are available to temporarily reduce or delay your monthly payments.
• Loan cancellation in the event of your death or permanent and total disability.
• Eligible for Federal Loan Consolidation.

Private Educational Loans are commercial loans made by banks or other lenders to students. The FAFSA application is not required for these loans. These loans are designed for students and offer rates and fees competitive to secured loans such as car loans or home mortgages. Private Educational Loans are based on a student's overall credit profile. Your history of repayment on prior credit obligations and your current use of credit determine your eligibility and the terms offered to you under these programs.

Private Educational Loans can bridge the gap between your total cost of attendance and your resources, scholarships, grants and the Federal Loans. Private Educational Loans are considered resources for purposes of determining eligibility for other financial aid. Therefore, even though these loans are not federal loans, when included in your financial aid award, your total aid may not exceed your total cost of attendance.

When applying for Private Educational Loans, it is always best to apply with a credit-worthy cosigner. (Some lenders will accept borrowers without cosigners.) Applying with a cosigner often results in reduced fees or interest rates for the loan. A qualifying cosigner can be a spouse, parent or other adult relative or friend, who demonstrates a positive credit record and meets income and asset requirements. Several loan programs now offer a cosigner release option once you make 24 scheduled, consecutive on-time payments and pass a new credit review. See our Lender List for Private Educational Loans.

If you are eligible and plan to borrow a Private Educational Loan, you should contact a lender of your choice from the list provided to see if you are pre-approved for a loan.