Federal Direct Unsubsidized Loan

Federal Direct Unsubsidized Loans (previously known as Stafford Loans) are not based on need. This loan is available to all US citizen and eligible noncitizen students, regardless of income. Total may not exceed $20,500 per academic year.  Current interest rate is 3.76%.  This loan has interest that accrues from the date of the disbursement of loan proceeds. Interest payments may be deferred while students attend school. Interest can be paid or may be added to the principal by your lender at your request (this is called capitalization of interest). Repayment of the principal commences six months after completion of studies.

Federal GRAD PLUS Loans

GRAD PLUS Loans are federally guaranteed and need is not a factor. GRAD PLUS is available to graduate students for up to the total cost of education minus all other aid. The current interest rate is fixed at 6.31%. There is a 4.276% origination/insurance fee. Repayment begins six months after completion of studies up to twenty-five years to repay.  A credit analysis is required. Approval is based solely on good credit-income and personal debt are not factors in determining loan approval.