GRADUATE LOANS
Financial aid eligiblity for federal student loans is based on the results of your FAFSA, your graduate degree program, and your anticipated enrollment status.
STAFFORD LOANS
To accept the Stafford Loan please click here.
All borrowers, please read through all of the Stafford loan information below. Under the William D. Ford Federal Direct Loan Program (Direct Loan), the funds for your loan come directly from the federal government.
Basic Loan Information:
Federal Stafford Loans do not require a credit check, and include benefits such as a fixed interest rate, six month grace period, and deferment options to help you succeed in repayment. The amount you can borrow depends on your year in school (academic level); please see "Annual Loan Limits" below.
There are two types of Stafford loan:
Subsidized: the federal government pays the interest on your loan while you are in school, during the grace period, and during deferments. Eligibility for a subsidized Stafford loan is based on financial "need", which is determined based on the results of your FAFSA.
Unsubsidized: interest starts accruing once the loan is disburses, and you are responsible for the interest on the portion of the loan while in school, during periods of grace and deferment, as well as repayment.
Please refer to your most current financial aid award letter for your offered Stafford loan amount(s).
Loan Limits:
Annual Limits:The annual Stafford loan limit for graduate students is $20,500. Depending on eligibility (based on financial need), $8,500 of this annual amount may be subsidized.
Typical Stafford loan breakdown for students who demonstrate financial need:
$ 8,500 subsidized
$12,000 unsubsidized
$20,500 Stafford total
Students who demonstrate less financial need may receive less subsidized and more unsubsidized, and students demonstrating no financial need may only be eligible for $20,500 unsubsidized.
* Note: Students enrolled in a doctoral program in the Ferkauf School of Psychology may be eligible for a higher amount of unsubsidized Stafford loan per academic year. These students may be eligible for an annual total in the amount of $33,000 ($8,500 subsidized + $24,500 unsubsidized). The subsidized portion adheres to the standard graduate eligibility and limits.
Aggregate Limit:The aggregate Stafford loan limit for graduate students is $138,500. No more than $65,500 of this total may constitute subsidized loans.
Interest Rate:
Fixed at 6.8%
Federal Stafford loans borrowed on or after 7/1/06 have a fixed interest rate of 6.8%. If you have borrowed federal Stafford loans before 7/1/06, remember that these loans will continue to have a variable interest rate.
Fee:
(Based on figures between 7/1/11 – 6/30/12)
There may be a fee of up to 1.5% from the amount borrowed for Stafford Loans.
The entire fee goes to the government to help reduce the cost of the loans. The Direct Loan program offers an up front 1% fee rebate, which would lower the fee to 0.5%. The rebate remains provided you make your first 12 monthly payments on time.
GRADUATE PLUS LOAN
To apply for the graduate PLUS loan please click here.
All Graduate PLUS borrowers, please read through all of the Graduate PLUS loan information below. Under the William D. Ford Federal Direct Loan Program (Direct Loan), the funds for your loan come directly from the federal government.
Basic Graduate PLUS Loan Information:
To help meet the costs related to funding your education, you may consider applying for a Federal Graduate PLUS loan. The Graduate PLUS loan offers a fixed interest rate, and you to borrow up to the cost of attendance less any other financial aid. A 2011-2012 FAFSA must be filed before you can apply for a Graduate PLUS loan!
Credit Requirements:
Unlike the Federal Stafford loan, the Federal Graduate PLUS loan requires a credit check. To be eligible to borrow the Graduate PLUS loan, your credit report cannot reflect any of the following:
· Currently 90 days of more delinquent on repayment of any debt.
· Debt discharged in bankruptcy during the past five years
· Evidence of a default, foreclosure, tax lien, repossession, wage
garnishment, or write-off of a Title IV debt during the past five years.
If you do not qualify for this loan based on the credit criteria outlined above, you may still receive the loan with an endorser, who will be subject to the same credit criteria.
Interest Rate:
7.9%
Fee:
(Based on figures between 7/1/11 – 6/30/12)
A 4% fee is deducted from the amount borrowed, but an upfront 1.5% fee rebate is offered, which would lower the fee to 2.5%. The rebate remains provided you make the first 12 monthly payments on time.