Borrowed Assistance

Federal Direct Unsubsidized Loan

The terms of the non-need-based Federal Direct Unsubsidized Loan Program require that the student borrower repay, with interest, this source of financial assistance. This program is referred to as “unsubsidized” because interest accrues (accumulates) while the student is enrolled in school. Interest on Unsubsidized Direct Loans begins to accrue after disbursement of the loan funds; however, the student may choose to have the payment of the interest deferred during enrollment and later capitalized (added to principal) at the time of repayment. Additional terms, subject to revision by federal law, include:

  • 5.31% fixed interest rate during repayment for loans disbursed prior to July 1, 2017
  • 6.00% fixed interest rate during repayment for loans first disbursed on July 1, 2017 and after
  • 1.066% origination fee for loans with a first disbursement date on or after October 1, 2017
  • Repayment on both principal and interest beginning six months after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period
  • $20,500 annual borrowing limit
  • $138,500 maximum base aggregate graduate borrowing limit
Apply Now > Additional Direct Loan details >

Federal Direct PLUS Loan for Graduate and Professional Students

The Federal Direct PLUS Loan provides a borrowing option for graduate/professional students. Based upon completion of the Free Application for Federal Student Aid (FAFSA) and a the borrower's credit history, a graduate/professional student may borrow through this federally guaranteed, non-need-based loan program. Additional terms, subject to revision by federal law, include:

  • 6.31% fixed interest rate during repayment for loans disbursed prior to July 1, 2017
  • 7.00% fixed interest rate during repayment for loans first disbursed on July 1, 2017 and after
  • 4.264% origination fee for PLUS loans with a first disbursement date on or after October 1, 2017
  • Repayment on both principal and interest beginning one month after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period
  • Graduate/Professional student's ability to apply for up to the full cost of education minus other student aid
Apply Now > Additional Direct PLUS Loan for Graduate and Professional Students details >

Private Student Loans

After exhausting the opportunities available from the federal aid programs, students may consider private loan programs as a source of funding.

The terms and conditions of these credit-based loan programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program. Private loans are not eligible for loan consolidation programs made available for federal student loans. Interest rates, fees (both at the time of borrowing and at repayment), credit checks, and annual and aggregate loan limits require careful evaluation by the student as a consumer.

As always, taking on debt for any reason should be done deliberately and only for the amounts needed. Additional information is available from the Department of Education publication, Federal Aid First.

Additional private student loan details >