The total outstanding Federal Direct Stafford Loan debt a graduate student may carry is $138,500, of which no more than $65,500 may be subsidized. This figure includes any Federal Stafford/SLS/Direct Loans a student may have received during their undergraduate studies.
Recipients of federal loans must meet the following criteria:
- Must be a U.S. Citizen or eligible non-citizen
- Admitted to a degree seeking program or an eligible certificate program
- Be enrolled at least half time (graduates=5+ credits) when loan proceeds are received
- Not be in default on a previous student loan or owe a repayment on a previous federal aid award received at any institution.
- Meet SAP requirement ( satisfactory academic progress)
Federal Direct Stafford Loan
Students who have been admitted and completed their FAFSA application will be offered Unsubsidized Federal Stafford Loans. Graduate students may borrow up to a maximum of $20,500 per academic year through the Federal Direct Loan program. The actual amount a student is eligible to borrow cannot exceed the program cost of attendance, minus any other assistance received. The Direct Unsubsidized loans will accrue interest from the moment the loans is disbursed to the student. Students may choose to pay the interest while attending school; if allowed to accrue it will be capitalized (added to the principle amount of your loan). There is a fixed interest rate as well as an origination fee for direct unsubsidized graduate loans. The origination fee will be subtracted from the amount borrowed, and will be reflected in the disbursements issued to the University.
Loan Award Requirements:
Federal Graduate PLUS Loans
Students who have been admitted and completed their FAFSA application will also be offered a Federal Direct Graduate PLUS Loan offer as part their financial aid package. The Graduate PLUS loan is based on credit-worthiness, which is determined by the federal government. A student’s maximum PLUS loan eligibility cannot exceed the cost of attendance of their program minus all awarded financial aid for the academic year. This loan has a fixed interest rate as well as an origination fee. The origination fee will be subtracted from the amount borrowed and is reflected in the disbursement to a student’s account. Interest will begin to accrue on this loan from the moment the loan is disbursed to the student. The Direct Graduate PLUS Loan will accrue interest from the moment the loans is disbursed to the student. Students may choose to pay the interest while attending school; if allowed to accrue it will be capitalized (added to the principle amount of your loan).
Loan Award Requirements:
What if the Graduate PLUS loan is denied?
Please contact the Department of Education's Applicant Services at 1.800.557.7394. Always check credit reports for errors. If there are problems that cannot be resolved, you may attempt to reapply with a cosigner.
Note: Beginning March 29, 2015, Direct PLUS loan applicants who have been determined to have an adverse credit history, but who qualify for a Direct PLUS loan by documenting extenuating circumstances or by obtaining and endorser MUST complete a separate PLUS Loan Counseling. This is separate from the Entrance Counseling. The special PLUS Loan Counseling can be found at https://studentaid.gov/.