Federal Loans
Federal Direct (Unsubsidized) Student Loans
A federal loan program available to graduate students; there is no requirement to demonstrate financial need. The loan amount that may be borrowed is based on the student's cost of attendance minus any other financial aid the student receives.
Interest Payment: Students must pay all interest that accrues on unsubsidized loans during the time of enrollment in school, during the grace period, and during any periods of deferment or repayment. There are two ways students may pay the required interest:
- Make monthly or quarterly payments to the lender,
OR
- Reach an agreement with the lender to add interest to the principal of the loan, but no more frequently than quarterly; this is called capitalization. If students do not make interest payments as scheduled while in school, in grace period, or during a period of authorized deferment, the lender may automatically capitalize the interest every three months. During other periods, students must pay this interest to the lender, unless the lender agrees to grant forbearance, as explained in the promissory note.
Federal Direct PLUS Loans for Graduate Students
The federal government sponsors PLUS loans for students needing additional loan assistance. The maximum PLUS loan amount that may be borrowed is the student's cost of attendance minus any other financial aid the student receives.