#graduate school loans
While Stafford (William D. Ford Federal Direct) Loans must eventually be repaid, they can provide you with the funds needed to finance your higher education. Direct Loans are offered at relatively low interest rates and with good repayment arrangements. Before you take out a loan, be sure to develop a budget to make sure you borrow only what you need. For more student loan information (interest rates, repayment and more), visit Federal Student Aid .
The unsubsidized loan is a non-need based loan. If you are awarded an unsubsidized loan, you will be responsible for the interest. You will receive quarterly interest statements on your unsubsidized loan from your lender. It is recommended that you pay interest every quarter. If you do not, the interest will be added to your loan amount, which will result in your paying interest upon interest.
You must begin repayment of your student loan, once you:
- Withdraw from school
- Drop below half-time status (fewer than 5 hours during a long semester)
The Graduate PLUS Loan Program may be of interest to you as a graduate student needing additional assistance to cover educational costs after all other federal loans have been exhausted. The program offers a non-need based federal loan with a fixed 7.21% interest rate. Grad PLUS Loans allow you as a graduate student to borrow up to the full cost of attendance minus any other financial aid you are receiving.
We encourage you to consider your options before accruing additional loan debt. For more information on the Federal Grad PLUS Loan as compared with the federal unsubsidized student loans, go to Federal Student Aid.
How to apply for a Graduate PLUS Loan
Below are the steps that you will need to take in order to be awarded a Graduate (Grad) PLUS Loan and have the funds processed:
- Complete the Free Application for Federal Student Aid (FAFSA), if you have not already done so.
- Accept your Grad PLUS Loan via Student Self-Service .
- Complete a Federal Graduate PLUS Loan application at studentloans.gov for each year you are borrowing funds through this program.
- If you are a first-time Federal Graduate PLUS borrower, you must complete a master promissory note and entrance counseling at studentloans.gov .
To determine how your Grad PLUS funds will be disbursed, visit Receive My Aid.