Graduate students borrowing from the Federal Direct Loan Program are only eligible for unsubsidized loans.
Loans for Graduate Students
- Direct Loans
- Graduate students borrowing from the Federal Direct Loan Program are only eligible for unsubsidized loans.
- Graduate students may borrow up to $20,500 in Federal Direct Loans each academic year, depending on their cost of attendance.
- Direct Loan Interest
- Interest will accrue on the loan once it disburses to the student’s account.
- You have the option of paying the interest while enrolled in school at least half-time or allowing the interest to be added to the principal.
- If the interest is added to the principal, the overall loan amount will be higher upon repayment and interest will continue to accrue monthly.
- The current interest rate for an unsubsidized loan is 5.31%.
- Direct Loan Eligibility
- Complete the FAFSA.
- Be enrolled at least half-time, which is 4.5 credit hours at the graduate (5000 or above) level.
- Be enrolled in a degree seeking program or an approved graduate certificate program (See the Graduate School's website).
- Graduate students cannot receive financial aid if you are taking undergraduate classes only.
- PLUS Loans
- Graduate students are eligible for the Graduate PLUS loan after you have exhausted your Federal Direct Loans.
- Work-Study is not available for Graduate Students, however Graduate Assistantships are offered through the Graduate School.