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Student Education Loans

Federal Direct Unsubsidized Loan

To apply for a Direct Loan, students must submit the Free Application for Federal Student Aid (FAFSA). The unsubsidized loan is not based on financial need and is available to all eligible students, regardless of income. Interest accrues from the date of the first disbursement. Students who are first-time borrowers must complete an online Entrance Counseling and an Unsubsidized Loan Master Promissory Note (MPN) at the Federal Student Aid website.

Lender: U.S. Department of Education

Interest Rate: Fixed at 7.05% for loans disbursed July 1, 2023 - June 30, 2024; Fixed at 6.54 percent for loans disbursed July 1, 2022 – June 30, 2023

Origination Fee: 1.057 percent (e.g., if $2,000 is borrowed, $1,979 will be disbursed to the school)

Repayment: Begins six months after graduation, withdrawal, or less than half-time enrollment. Standard repayment is 10 years following grace period, though other repayment options may be available.

For more information, please visit the Federal Student Aid website.

Federal Direct Graduate PLUS Loan

To apply for a Direct Loan, students must submit the Free Application for Federal Student Aid (FAFSA). Unlike other federal student loans, there is a credit check requirement – the student cannot have an adverse credit history. Interest accrues from the date of the first disbursement. Students who are first-time borrowers must complete an online Entrance Counseling and a Graduate PLUS Loan Master Promissory Note (MPN) at the Federal Student Aid website.

Lender: U.S. Department of Education

Interest Rate: Fixed at 8.05% for loans disbursed July 1, 2023 - June 30, 2024; Fixed at 7.54 percent for loans disbursed July 1, 2022 – June 30, 2023

Origination Fee: 4.228 percent (e.g., if $2,000 is borrowed, $1,916 will be disbursed to the school)

Repayment: Begins six months after graduation, withdrawal, or less than half-time enrollment. Standard repayment is 10 years following grace period, though other repayment options may be available.

For more information, please visit Federal Student Aid website.