Federal Student Loans
• Federal Student Loans - A major form of self-help aid for students.
– Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need. A borrower is charged interest from the time the loan is disbursed until it is paid in full.
-The maximum amount a graduate student can borrow in one academic year is $20,500
Federal student loan recipients must complete a Master Promissory Note (MPN) and loan entrance counseling at httpswwwstudentaid.gov prior to loan proceeds being authorized for disbursement.
Grad PLUS Loans- The U.S. Department of Education makes Direct PLUS Loans to eligible parents and graduate or professional students through schools participating in the Direct Loan Program.
-To receive a grad PLUS loan, you must
-be a graduate or professional student enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate;
-not have an adverse credit history (unless you meet certain additional eligibility requirements); and
-meet the general eligibility requirements for federal student aid.
Students enrolled in Graduate Certificate programs which require less than one academic year to complete are not eligible to receive federal student loans.
Loan Interest Rates and Fees
The most current information relating to federal loan interest rates and fees is available at https://studentaid.gov.