Federal Loan Options


Assistant Director of Financial Aid

E-mail Beverly


The following federal aid options are available to United States citizens, nationals, and permanent residents.

Federal Direct Unsubsidized Loan Program

Federal student loans are funds borrowed from the federal government for educational costs. A student loan is an obligation that must be repaid after you complete your degree, cease to be enrolled, or drop below half-time status.

All graduate students who complete the FAFSA are eligible for an unsubsidized student loan, on which the interest accrues while you are in school. Repayment of principle begins six months after you graduate or drop below half-time status and can be made over a 10-year period or longer. The federal government charges an origination fee for the student loan. These fees are deducted from each semester’s check. The fixed interest rate on the student loan for new borrowers (set each year on July 1), is based on the 91-day Treasury bill plus a 3.1 percent allowance, not to exceed 8.25 percent.

After you receive your award letter, you are required to complete the Federal Direct Student Loan Authorization form even if you choose to decline the loan. We will make the form available to you on your checklist. To receive a Federal Direct Unsubsidized Loan, you will also need to visit studentaid.gov to complete the Entrance Counseling and the Loan Agreement for Subsidized/Unsubsidized Loan (MPN).

Graduate PLUS Loan (GPLUS)

Students interested in borrowing a PLUS Loan for Graduate/Professional Students must apply through the Department of Education. Students may borrow up to the total cost of attendance minus any financial aid already awarded. The Department of Education will perform a credit check upon submission of the application and notify the applicant of the credit decision. The Department of Education will also inform our office of your request. Please be aware that the federal government charges an origination fee for the GPLUS loan. The fee is deducted from each semester’s check. The interest rate and fee are adjusted annually on July 1.

New Graduate PLUS borrowers must complete the Loan Agreement for a PLUS Loan (MPN) at studentaid.gov.

Students who would like to discuss their budget or review the amount of their loan requests are encouraged to contact our office.