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Federal Loans


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U.S. citizens and permanent residents must file a Free Application for Federal Student Aid to be considered for Federal Assistance. The FAFSA can be completed online at www.fafsa.ed.gov.

Your school will receive your FAFSA results electronically, approximately 2 weeks after submission. You will receive an electronic Financial Aid Award Notice once your FAFSA data has been received and all other document requests satisfied. Notification will be sent to you electronically if any other documents are required.

Federal Direct Loan - Subsidized

  • Maximum $8,500 per academic year, eligibility based on financial need
  • 0% interest while enrolled at least half-time
  • No interest accrues during deferment period
  • Repayment deferred until 6 months after you graduate or cease to be enrolled at least half-time
  • Typical repayment period is 10 years
  • 1.5% origination fee charged
  • Variable interest rate, adjusted annually, with an 8.25% cap

Federal Direct Loan - Unsubsidized

  • Maximum is $10,000 per academic year, eligibility is non-need-based
  • Interest begins accruing immediately upon disbursement
  • Repayment deferred until 6 months after you graduate or cease to be enrolled at least half-time
  • Typical repayment period is 10 years
  • 1.5% origination fee charged
  • Variable interest rate, adjusted annually, with an 8.25% cap

If you do not qualify for all or part of the maximum subsidized Direct Loan, the difference will be awarded in unsubsidized Direct Loan, thus increasing the maximum Direct Loan eligibility to $18,500 per year

Federal Direct Loan - Graduate PLUS

  • Maximum is Cost of Attendance less aid received, eligibility is non-need-based
  • Interest begins accruing immediately upon disbursement
  • Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments
  • 2.5% origination fee charged (4.0% with a 1.5% rebate if first 12 monthly payments are made on time).
  • Repayment begins 60 days after loan disbursed
  • Payments can be deferred while enrolled at least half-time by completing In-School Deferment Form (after 1st disbursement of loan)
  • Typical repayment period is 10 years
  • Fixed interest rate 7.9%
  • Borrower must first accept all Federal Direct Subsidized and Unsubsidized loans before borrowing from Graduate PLUS
  • Basic credit check required
  • Must complete a GRAD PLUS Master Promissory Note (MPN)
  • Be sure to click on Complete New MPN for Student Loans from the left menu bar. Select Graduate PLUS under the MPN type selection.
  • Must complete Supplemental Form
  • Fall disbursement of loan funds will occur mid-September

Federal Perkins Loan

  • Annual maximum award depends on institutional funding levels
  • Long-term, low-interest loan awarded to applicants with the highest financial need
  • Repayment deferred until 9 months after you graduate or cease to be enrolled at least halftime
  • No interest accrues during deferment period
  • Interest rate is 5% and there are no fees
  • Maximum repayment period is 10 years

Federal College Work-Study

  • Financial need must be demonstrated to be eligible for this program (determined by FAFSA)
  • Awards are earned as wages by working for eligible employers on and off campus
  • For more information, please visit your school's website

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