Graduate Loan Program Descriptions

Graduate Aid | Graduate Loan Programs | Graduate Financial Aid

Federal Stafford Loans:

Loans are both subsidized (government pays the interest while student is enrolled at least six hours) and unsubsidized (student is responsible for the interest). Current Federal Stafford subsidized and unsubsidized loans carry a fixed interest rate of 6.8%. The annual loan amount is $20,500 ( $8500 Subsidized/$12000 Unsubsudized) not to exceed the student's cost of attendance (tuition, fees, books and living allowance). Students must be matriculated and taking at least six credits each semester to be eligible for a loan.

GRADUATE Federal PLUS loans:

Once a graduate student has exhausted their annual Federal Stafford loan borrowing, they are eligible to borrow under the GRADUATE Federal PLUS loan program up to the student's cost of attendance.  Current GRADUATE Federal PLUS loans carry a fixed interest rate of 8.5%.  Students apply directly with a lender of their choice.  Students must complete entrance counseling prior to receiving a GRADUATE Federal PLUS loan.

Alternative/Private Loan Programs:

Various lenders offer private education loans, with different terms and interest rates available to students who are credit worthy or who apply with a credit worthy co-signor. These loans are non-need based and most of them can be deferred while the student is in school.  Interest rates and terms vary according to credit worthiness. 

                            

  

Office of the Ombudsman:

The Department of Education has established the Office of the Ombudsman to reconcile any disputes between borrower and lender or guaranty agency which are not able to be resolved through any other means. The toll-free number for this office is 1-877-557-2575.