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Federal Direct Stafford Loan-Unsubsidized

Federal Direct Stafford Unsubsidized Loans are government loans that help meet the cost of education. Beginning July 2012, all Graduate Direct Loans are “unsubsidized.” This means that interest will accrue on the loan once disbursed. You should pay the interest on that loan while you are enrolled in school if possible. You can defer the interest on an unsubsidized Stafford loan but be aware that when you go into repayment you will need to pay the past interest as well as the current principal and interest on the loan. Graduate students can borrow up to $20,500 in unsubsidized loan, not to exceed the cost of attendance. The interest rate is currently 6.8%. Students do not have to pass a credit check to qualify but must complete a Direct Stafford promissory note to receive the funds.

Federal Direct PLUS Loans for Graduate Students

Graduate students whose costs are not met by the current Federal Direct Unsubsidized Stafford Loan levels may want to consider the PLUS loan as a means to make up the difference. PLUS loans do not have the same terms as the Federal Direct Unsubsidized Stafford Loans. PLUS loan amounts are based on cost of attendance minus other aid received. The interest rate is currently 7.9% fixed and there is no in-school deferment unless that arrangement is made with the lender. Repayment can start within 60 days of full disbursement of the loan. Students must pass a credit check to qualify and complete a PLUS promissory note to receive the funds.

For more information regarding loans contact the Office of Financial Aid.

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