Student Loan Information
The loan information contained in this section pertains to the 2013–2014 academic year only.
Federal Direct Loan Program
Eligibility Requirements for students borrowing a Direct Loan, both subsidized and unsubsidized:
- You must be a U.S. Citizen or a Permanent Resident.
- You must be enrolled at least half-time.
- You must maintain satisfactory academic progress.
- You cannot be in default on a federal student loan.
Note: Direct Subsidized loans are no longer available to graduate and professional students
Federal Direct Unsubsidized Loans
Direct Unsubsidized Loans are not based on financial need and interest is charged during all periods. The interest rate is 5.41% and there is a 1.051% origination fee.
Federal Direct Grad PLUS Loans
Direct PLUS Loans are low-interest loans for graduate/professional degree students. The interest rate is 6.41% and the origination fee is 4.204%.
The eligibility requirements for a graduate student to borrow a Direct PLUS Loan are:
- You must be a U.S. citizen or eligible non citizen, must not be in a default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs.
- A credit check that will be performed, excluding anyone with an adverse credit history.
You may want to consider a private student loan if you need additional funding for educational expenses, and only after you have exhausted all potential scholarships, federal grants, work-study funds and federal loans.
Private student loans are offered by private lenders, such as banks and credit unions. Unlike federal student loans, which are guaranteed by the federal government, private student loan terms vary from lender to lender. It is important to ask questions when deciding to borrow a private loan so that you can compare the terms and choose the best one to fit your needs.