Loans

The Federal Direct Unsubsidized Loan for graduate/professional students has the following terms/features:

Interest Rate

• A fixed interest rate of 8.08% on loans disbursed between July 1, 2024 and June 30, 2025.
• A fixed interest rate of 7.05% on loans disbursed between July 1, 2023 and June 30, 2024.
• The interest rate adjusts each July 1st on new loans and is calculated using a base 10-year Treasury Note Index plus an add-on of 3.60% (not to exceed 9.50%).
• Interest begins to accrue when loan funds are disbursed.

Fees

• A loan fee of 1.057% will be withheld from disbursements.

Loan Amounts

• The maximum loan limit per academic year for the Federal Direct Unsubsidized Loan is $20,500. (The academic year is determined by the financial aid office according to federal regulations.)
• Aggregate borrowing limit of $138,500 for students enrolled in graduate degree programs (includes outstanding total undergraduate loans and subsidized loan amounts).

Qualifying

• No credit check and no cosigner required.
• FAFSA is required.

Repayment Terms

• Repayment begins 6 months after you are no longer enrolled at least half-time.
• Standard 10-year repayment plan with option for extending repayment up to 25 years for those whose total subsidized and unsubsidized Federal Loan debt exceeds $30,000.
• Flexible repayment options.
• Eligible for Federal Loan Consolidation.

Deferment/Forbearance

• Deferment and Forbearance options are available to temporarily reduce or delay your monthly payments.

Cancellation

• Loan cancellation in the event of your death or permanent and total disability.

While no credit check is performed, if you are in default on a federal loan or owe a refund or repayment of a federal grant, you are not eligible for the Federal Direct Unsubsidized Loan or any other federal student aid program.

The Federal Direct Graduate PLUS Loan for graduate/professional students has the following terms/features:

Interest Rate

• A fixed interest rate of 9.08% on loans disbursed between July 1, 2024 and June 30, 2025.
• A fixed interest rate of 8.05% on loans disbursed between July 1, 2023 and June 30, 2024.
• The interest rate adjusts each July 1st on new loans and is calculated using a base 10-year Treasury Note Index plus an add-on of 4.60% (not to exceed 10.50%).
• Interest begins to accrue when loan funds are disbursed.

Fees

• A loan fee of 4.228% will be withheld from disbursements.

Loan Amounts

• Each academic year, a student can borrow up to their total cost of attendance budget as determined by the Graduate Financial Aid Office.

Qualifying

• Credit Check is required. Students with no adverse credit would be approved for the Federal Direct Graduate PLUS Loan.
• FAFSA is required.

Repayment Terms

• Ability to defer repayment while you are in school school at least half-time.
• Repayment for recent loans begins 6 months after you are no longer enrolled at least half-time.
• Eligible for Federal Loan Consolidation.

Deferment/Forbearance

• Deferment and forbearance options are available to temporarily reduce or delay your monthly payments.

Cancellation

• Loan cancellation in the event of your death or permanent and total disability.

The Federal Direct Subsidized Loan for licensure students in the School of Education has the following terms/features:

Interest Rate

• A fixed interest rate of 6.53% on loans disbursed between July 1, 2024 and June 30, 2025.
• A fixed interest rate of 5.50% on loans disbursed between July 1, 2023 and June 30, 2024.
• The interest rate adjusts each July 1st on new loans and is calculated using a base 10-year Treasury Note Index plus an add-on of 2.05% (not to exceed 8.25%).
• Interest is paid by the federal government while the student is enrolled at least half-time.

Fees

• A loan fee of 1.057% will be withheld from disbursements.

Loan Amounts

• The maximum amount per academic year for the Federal Direct Subsidized Loan is $5,500. (The academic year is determined by the financial aid office according to federal regulations.)
• The actual amount that you will receive may be less, depending on your financial need.

Qualifying

• No credit check and no cosigner required.
• FAFSA is required.

Repayment Terms

• Repayment begins 6 months after you are no longer enrolled at least half-time.
• Aggregate borrowing limit of $23,000 for students enrolled in licensure programs (includes outstanding undergraduate subsidized loans).
• Standard 10-year repayment plan with option for extending repayment up to 25 years for those whose total subsidized and unsubsidized Federal Loan debt exceeds $30,000.
• Flexible repayment options.
• Eligible for Federal Loan Consolidation.

Deferment/Forbearance

• Deferment and Forbearance options are available to temporarily reduce or delay your monthly payments.

Cancellation

• Loan cancellation in the event of your death or permanent and total disability.

The Federal Direct Unsubsidized Loan for licensure students in the School of Education has the following terms/features:

Interest Rate

• A fixed interest rate of 6.53% on loans disbursed between July 1, 2024 and June 30, 2025.
• A fixed interest rate of 5.50% on loans disbursed between July 1, 2023 and June 30, 2024.
• The interest rate adjusts each July 1st on new loans and is calculated using a base 10-year Treasury Note Index plus an add-on of 2.05% (not to exceed 8.25%).
• Interest begins to accrue when loan funds are disbursed.

Fees

• A loan fee of 1.057% will be withheld from disbursements.

Loan Amounts

• The maximum amount per academic year for the Federal Direct Unsubsidized Loan is determined by your dependency status on the FAFSA.

Qualifying

• No credit check and no cosigner required.
• FAFSA is required.

Repayment Terms

• Repayment begins 6 months after you are no longer enrolled at least half-time.
• Standard 10-year repayment plan with option for extending repayment up to 25 years for those whose total subsidized and unsubsidized Federal Loan debt exceeds $30,000.
• Flexible repayment options.
• Eligible for Federal Loan Consolidation.

Deferment/Forbearance

• Deferment and Forbearance options are available to temporarily reduce or delay your monthly payments.

Cancellation

• Loan cancellation in the event of your death or permanent and total disability.

While no credit check is performed, if you are in default on a federal loan or owe a refund or repayment of a federal grant, you are not eligible for the Federal Direct Subsidized Loan or any other federal student aid program.

Private Educational Loans are loans made by banks or other lenders to students. The FAFSA application is not required for these loans. Private Educational Loans are based on a student's overall credit profile. Your history of repayment on prior credit obligations and your current use of credit determine your eligibility and the terms offered to you under these programs.

Private Educational Loans can can assist with your financial aid cost of attendance budget along with your resources, scholarships, grants and federal loans. Private Educational Loans are considered resources for purposes of determining eligibility for other financial aid. Therefore, even though these loans are not federal loans, when included in your financial aid award, your total aid may not exceed your financial aid cost of attendance budget.

When applying for Private Educational Loans, it is always best to apply with a credit-worthy cosigner. (Some lenders will accept borrowers without cosigners.) Applying with a cosigner often results in reduced fees or interest rates for the loan. A qualifying cosigner can be a spouse, parent or other adult relative or friend, who demonstrates a positive credit record and meets income and asset requirements.

See our Lender List for Private Educational Loans