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 Unsubsidized Loan for graduate/professional students has the following terms/features:
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 Unsubsidized Loan or any other federal student aid program.
The Federal Direct Graduate PLUS Loan for graduate/professional students has the following terms/features:
The Federal Direct Subsidized Loan for licensure students in the School of Education has the following terms/features:
The Federal Direct Unsubsidized Loan for licensure students in the School of Education has the following terms/features:
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 Subsidized Loan or any other federal student aid program.
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.
Federal loans are awarded based on the information provided on the Free Application for Federal Student Aid (FAFSA). Students who choose to participate in federal loan programs are required to have their loan records submitted to the National Student Loan Data System (NSLDS), and those records will be accessible by guarantee agencies, lenders and colleges determined to be authorized users of that data system.
*The academic year is determined by the financial aid office according to federal regulations.