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Graduate Student Loans

Unsubsidized Loan
Interest will accrue from the time your loan is disbursed to the school, but payment of principle and interest can be deferred until six months after graduation. You won’t have to make any payments on the loan while attending school at least half-time, but you may choose to pay the interest while in attendance.

The interest rate for the federal unsubsidized loan disbursed after July 1, 2017, and before July 1, 2018, is 6%. There’s a 1.066% origination fee for all federal direct unsubsidized loans disbursed after October 1, 2017, and before October 1, 2018. This amount is automatically deducted upon disbursement by the U.S. Department of Education. 

Time Frame Total Annual Maximum
Every Year $20,500
Aggregate Borrowing Limit
(subsidized + unsubsidized) 

In order to receive a federal direct unsubsidized loan, you must complete the FAFSA and accept the loan online through KnightLine. You’ll need a valid Master Promissory Note and Entrance Counseling on file. Learn more about instructions regarding completing a Master Promissory Note and/or Entrance Counseling.

As of July 1, 2012, all Federal Direct Loans for graduate students will be unsubsidized; interest starts accumulating upon disbursement of the loan. 

Direct PLUS Loan
Graduate students are eligible to borrow under the Direct PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. Requirements to borrow a PLUS Loan include a good credit history, repayment beginning 60 days after the last disbursement and a fixed interest rate. Payments may be deferred at your request until six months after graduation. Deferment can be requested at the time of application by contacting your loan servicer.

Apply online for the Direct PLUS Loan. You may borrow up to the cost of attendance minus any other financial aid awarded.

The interest rate on the Direct Graduate PLUS Loans disbursed after July 1, 2017, and before July 1, 2018, is fixed at 7%. There is an origination fee of 4.264% on loans disbursed after October 1, 2017, and before October 1, 2018.

Master Promissory Note (MPN)
Borrowers of Direct PLUS Loans must sign a Master Promissory Note (MPN) agreeing to pay back the loan to the federal government, with interest, according to the terms of the program. This MPN is separate from the Direct Unsubsidized loan MPN. You must complete the MPN online.

Direct Loan Entrance Counseling
Direct Loan Entrance Counseling is required for first-time Federal Direct Loan borrowers. This counseling session and quiz helps students understand their loan responsibilities. Entrance counseling must be completed prior to any Direct Loan funds being disbursed to your student account. Please make sure to complete the counseling as soon as possible. In order to ensure funds are disbursed by the start of school, this should be completed two weeks prior to the start of the semester in which you plan on borrowing your first Federal Direct Loan.

Direct Loan Exit Counseling
When you leave school, you’ll be required to complete Direct Loan Exit Counseling, which will give you additional information regarding loan repayment.

Private Educational Student Loans
Private educational loan programs have grown in popularity in recent years. However, we encourage you to exhaust your eligibility for federal loan programs before turning to this resource. Federal student loans may provide you with more beneficial terms and conditions, including a lower annual percentage rate charged on the principal and lower fees. 

Choosing a Lender
As a guide for comparing loans, we’ve provided a list on FASTChoice, a loan comparison tool to assist you in selecting a loan that best serves your needs. In creating this list, we adhere to a Student Loan Code of Conduct as required by the Higher Educational Opportunity Act. Families are free to choose any lender that best serves their needs. 

We selected these lenders to be on the FASTChoice lender list for the following reasons:
  • Competitive borrower rates, terms, and incentives.
  • History of exceptional customer service for the borrowers and staff of the college.
  • Timely processing of loans.
  • Online loan application process for students.
  • Funds are sent electronically (EFT) when possible.
  • Overall approval rating.

Please remember, we’ll process a private educational loan from any lender you choose. There may be lenders not on our list who may offer different benefits that are better suited to your particular circumstances. 

Processing Information

  • We recommend borrowing a private loan to cover the entire academic year, rather than borrowing individually each semester. Applying for one loan will avoid multiple inquiries into your credit, and interest doesn’t accrue until the loan is disbursed. Therefore, if you apply for a loan for the full year, you’ll only accrue interest on the portion of your loan that’s been disbursed to the school.
  • Allow three to four weeks for processing, loan certification and receipt of funds. Please plan accordingly to avoid late fees being charged to your student bill. 
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