Anderson, Indiana

Graduate Loans

Fri, 2013-03-01 15:14 -- univcomm

Graduate Federal Direct Loan Information

Federal Direct Unsubsidized Loan

  • Undergraduate loan limits (when combined with Subsidized loan): Freshman - $5,500; Sophomore - 6,500; Junior and Senior - $7,500; Cumulative limit - $31,000 when combined with subsidized loan.
  • Independent undergraduate loan limits (in addition to regular undergraduate loan limits): Freshman and Sophomore - $4,000; Junior and Senior - $5,000; Cumulative limit - $57,500 when combined with subsidized loan.
  • Graduate loan limits (when combined with Subsidized loan): $20,500 per year; Cumulative limit - $138,500 when combined with subsidized loan.
  • The federal government will NOT pay the interest while you are a student. However, you do have the option of making interest-only payments while you are in school, or waiting until repayment begins on the principal six months after ceasing to be enrolled at least half time.
  • The interest rate for Graduate Unsubsidized loans disbursed on or after October 1, 2014, is fixed at 6.21%.
  • Repayment of principle and interest beginning six months after ceasing to be enrolled at least half-time.
  • FAFSA required annually
  • Must maintain satisfactory academic progress

Eligibility
Your financial aid award letter will state your eligibility for the Unsubsidized Direct Loan.

Processing Your Loan


Federal Direct Grad PLUS Loan

  • Available to credit worthy graduate students
  • Students must first apply for and receive maximum eligibility under the Federal Direct Loan Program (see above)
  • Eligibility is limited to educational costs minus financial aid (including Direct Unsubsidized Loans)
  • Interest rate is fixed at 7.21%
  • Repayment begins once the loan if fully disbursed

Eligibility
Graduate students enrolled at least half time can borrow an amount equal to the cost of education less other financial aid.

Processing Your Loan

 

Read our Q and A on Direct Loans.