Federal Aid
William D. Ford Federal Direct Loans:
There are three types of Federal Direct Loans for graduate students - Direct Subsidized, Direct Unsubsidized and Direct Graduate PLUS.
Direct Subsidized:
- Need based
- Interest deferred until 6 months after graduation or 1 month after withdrawing from school
- Must be enrolled at least half-time
- Loan rate fixed at 6.8%
- Loan fee: 0.5%*
- Amount available: Up to $8,500
Direct Unsubsidized:
- Non-need based
- Interest begins upon disbursement
- Must be enrolled at least half-time
- Interest rate fixed at 6.8%
- Loan fee: 0.5%*
- Amount available: Up to $12,000
To Apply: Complete the Free Application for Federal Student Aid (FAFSA)
Direct Subsidized/Unsubsidized Loans are borrowed through the federal government and must be repaid.
Students receiving a Direct Subsidized/Unsubsidized Loan will be required to complete Loan Entrance Counseling and sign a Master Promissory Note before loans are disbursed.
*There is a loan fee of 1.5% of the principal amount charged for each Direct Subsidized/Unsubsidized Loan that you borrow. The total fee is reduced to 0.5% due to an “up front” interest rebate equal to 1.0% of the principal amount.
Direct Graduate PLUS Loan:
Graduate students with good credit ratings may be eligible to borrow funds from this program to meet their educational costs. The amount typically offered is the same as for the non-federal alternative loan program. The interest rate is 7.9%. The loan fee is 2.5% (There is a loan fee of 4% of the principal amount charged for each Direct Graduate PLUS Loan that you borrow. The total fee is reduced to 2.5% due to an “up front” interest rebate equal to 1.5% of the principal amount).
To Apply: Complete the Free Application for Federal Student Aid (FAFSA)
Direct Graduate PLUS Loans are borrowed through the federal government and must be repaid.
First-time borrowers applying for a Direct Graduate PLUS Loan will be required to complete Loan Entrance Counseling, a PLUS Application and sign a Master Promissory Note before loans are disbursed.
Returning borrowers applying for a Direct Graduate PLUS Loan will be required to complete a PLUS Application and sign a Master Promissory Note before loans are disbursed.
