Graduate Student Loan Frequently Asked Questions
Federal Direct Unsubsidized Loans
Federal Direct Unsubsidized loans are available to graduate students who qualify for Federal student aid programs.
Graduate students are typically eligible to borrow up to $20,500 per year through the Direct Unsubsidized loan program. There is an aggregate lifetime borrowing limit for graduate and professional students of $138,500; this maximum also includes all of your undergraduate loans.
When borrowing an unsubsidized loan, interest accrues from the date the loans is first disbursed to you, but your payments are deferred while you are in school. You may elect to pay the interest while going to school, but it is not required that you do so. All student borrowers must complete the Loan Entrance Counseling for Graduate students, and a Loan Agreement (Master Promissory Note) online at www.studentaid.gov
Federal Direct Graduate PLUS Loans
Federal Direct PLUS loans are credit-based loans available to graduate or professional students. These loans are typically used to help cover tuition and living expenses. As the interest rates on Graduate PLUS loans are higher than the Direct Unsubsidized Loans, you should first utilize your entire Direct Unsubsidized Loan before you apply for a Graduate PLUS Loan.
You can apply for the Graduate PLUS Loan online at www.studentloans.gov.