Federal Student Loans

No longer available to graduate/professional student as of July 1, 2012.

Available to undergraduate and graduate/professional students, no financial need is required.

Terms:

• Payments are deferred while student is enrolled at least half-time. However, payments can be made at any time without any pre-payment penalties.
• Interests begins to accrue once the loan is disbursed and continues to accumulate while in school, during grace, deferment or forbearance periods. At the end of these periods, it will be capitalized (added to the principal loan amount).
• Loan fees are proportionately deducted before each disbursement.
• Repayment begins six months after you graduate, withdraw from school or drop below half-time enrollment.
• A Loan Exit Interview is required when you graduate, withdraw from school or drop below half-time enrollment.
• Interest rates and loan fees change each aid year.  To view the current interest rates and fees, please visit the Interest Rates and Fees for Federal Student Loans page.

Requirements:

• Master Promissory Note (MPN) – Only required when borrowing the Unsubsidized Loan for the first time and is valid up to 10 years.

  • This is a legal document in which you promise to repay the loan(s) and any accrued interest and fees to the U.S. Department of Education.
• Loan Entrance Counseling – Only required when borrowing the Unsubsidized Loan for the first time.

  • The online entrance counseling session helps borrowers understand their rights and responsibilities regarding the federal Direct Loans.

For additional information about the Unsubsidized Loan requirements, please visit the Federal Student Aid site.

Borrowing Limits for Medical Students
Annual Limit	$40,500 in Unsubsidized Loans
Aggregate Loan Limit	$224,000 (This limit includes Stafford Loans received for undergraduate study and up to $65,000 may be in Subsidized Loans)

Available to graduate/professional students to help pay for educational expenses up to the cost of attendance minus all other financial assistance received by the student.

Terms:

• Payments are deferred while you are enrolled at least half-time. However, payments can be made at any time without any pre-payment penalties.
• Interest begins to accrue once the loan is disbursed and continues to accumulate while in school, during grace, deferment or forbearance periods. At the end of those periods, it will be capitalized (added to the principal loan amount).
• Loan fees are proportionate deducted before each disbursement.
• Repayment begins six months after you graduate, withdraw from school or drop below half-time enrollment for a period of up to 10 years.
• Interest rates and loan fees change each aid year.  To view the current interest rates and fees, please visit the Interest Rates and Fees for Federal Student Loans page.

Applying for the Graduate PLUS Loan:
There are no set limits for the Direct PLUS Loans however, you may only borrow up to the total cost of attendance, less any financial assistance (e.g. unsubsidized loan, scholarships, stipends, etc.) received.

A credit check will be conducted by the U.S. Department of Education. If you have an adverse credit history, you may still borrow the PLUS loan with an endorser (someone who agrees to repay the loan if you are unable to do so).

Requirements:

• Grad PLUS Application – Must be completed every time you request the Grad PLUS Loan.

  • This is a separate application from your financial aid award.
• Master Promissory Note (MPN) – Must be completed every time you request the Grad PLUS Loan.

  • This is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.
• Grad PLUS Entrance Counseling – Only required when borrowing the Grad PLUS Loan for the first time.

  • The online entrance counseling session helps borrowers understand their rights and responsibilities regarding the Graduate PLUS Loan.

For additional information about the Direct Graduate PLUS Loan requirements, please visit the Federal Student Aid site.