Graduate Student Financial Aid

Tuition

Federal Direct Unsubsidized Stafford Loan

The Federal Direct Unsubsidized Stafford Loan is a federal student loan for which eligible students borrow directly from the U.S. Department of Education. The borrower is fully responsible for paying any interest that accrues, starting from the date of disbursement and continuing throughout the life of the loan. Repayment for this loan begins after graduation or when the student drops below half-time enrollment status.

Requirements for Unsubsidized Stafford Loan assistance:

• Students must complete the FAFSA form at https://studentaid.gov/h/apply-for-aid/fafsa   
• Students must be enrolled at least half time. (5 credit hours for graduate students)
• The maximum loan limits are $20,500 for Unsubsidized Stafford Loans per academic year.
• The fixed interest rate for Unsubsidized Stafford loans is 8.08% for the 2024-2025 academic year.
• The origination fee assessed on each loan is 1.057%. (This fee is deducted from the original offered amount and lowers the amount of each disbursement. The amounts reflected on your billing statement reflect the net amount received.)

Additional Information

• Interest rates are updated each year on July 1. Please visit the Federal Student Aid Interest website for the most current information.
• Lifetime limits for the Stafford Loan program are $138,500 for graduate or professional students — no more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all Federal Stafford loans received for undergraduate study.
• Loans are split between the terms that the student is expected to enroll and disbursed at the start of each.
• If the interest is capitalized (allowed to accumulate) it will be added to the principal amount of the loan and will increase the amount the borrower will have to repay.

If the choice is made to pay the interest as it accumulates, the total interest charges paid during repayment will be considerably less. Payments should be made directly to your federal loan servicer. Servicer information can be accessed online at https://studentaid.gov/ by logging in with your student FSA ID information.

Federal Direct Plus Loans for Graduate/Professional Students

• Fixed Interest rate: 9.08% for 2024-25
• Possible program incentives to lower the rate
• Cost of Attendance (COA) – All Other Aid = Federal Direct PLUS Loan Eligibility
• Can be consolidated with other federal loans upon graduation.

Applying for a Federal Direct PLUS Loan for Graduate/Professional Students

Students may be eligible for the Graduate PLUS loan; however, it is not offered automatically. Students should speak with their financial aid counselor if interested.  

If awarded, students will need to complete a Federal Direct PLUS Loan Master Promissory Note and a PLUS loan counseling session prior to certification and disbursement of the loan.

For more information on Federal Direct PLUS Loans, visit https://studentaid.gov/understand-aid/types/loans/plus/grad.

Graduate Plus Loan

• Lower interest rate than most private educational loans
• Fixed Interest rate: 8.05% for 2023-24
• Possible program incentives to lower the rate
• Eligibility is based on review of “adverse credit” rather than “credit scoring.”
• Lack of credit history or insufficient credit history is not considered.
• Amount of eligibility is determined using the same formula as private loans.
• Cost of Attendance (COA) – All Other Aid = PLUS Loan Eligibility
• Can be consolidated with other federal loans upon graduation.

Applying for the Loan

Students may be eligible for the Graduate PLUS loan; however it is not offered automatically. Students must speak with their financial aid counselor if interested.  

What is Adverse Credit?

Unlike private alternative loans, Graduate PLUS Loans are not based on your credit score. This difference should make the loan more easily obtainable for those with little or no credit history.

Adverse credit is defined to mean that as of the date of the credit report, the applicant:

• Is 90 or more days delinquent on any debt with an outstanding balance of $2,085 or more (including unpaid collection accounts and charge-offs); or
• Has been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a debt during the five years preceding the date of the credit report.

Click here for more information on adverse credit and Direct PLUS loans.