Federal low-interest loans for eligible students to help cover the cost of higher education. Funds are borrowed directly from the U.S. Department of Education and the student must meet the general eligibility requirements for federal student aid. For additional information on Federal Direct Loans, please visit StudentAid.gov/loans.
Direct Loan interest rates are set each year by Congress, and are fixed rates for the life of the loan. The interest rate varies depending on the loan type and first disbursement date of the loan. Most federal loans also have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionally from each loan disbursement received. The percentage varies depending on when the loan was first disbursed. For additional information on Direct Loan interest rates and loan fees, please visit StudentAid.gov/interest.
Federal law requires the US Department of Education to send the loan proceeds to the school in at least two payments. Payments will be sent either by electronic transfer or by check made co-payable to the school and to the student. Monthly principal and interest payments begin 60 days after the loan disbursement. Those enrolled in school on at least a half-time basis will be eligible for an in-school deferment (postponement of payments) until the student graduates, leaves school or drop below half-time status. Post deferment grace of 6 months is also given when a student graduates, leaves school or drops below half-time status. The interest on the loan is not deferred during the time of the deferment, although the organization that holds the loan may allow the interest to accumulate until the deferment ends. In such a case, however, the interest will be added to the principal, increasing the amount of principal that will need to be repaid.
Direct Unsubsidized Loans are awarded regardless of need/financial status according to the FAFSA. The student is responsible for paying the interest, which accrues while enrolled in school. The student must sign a master promissory note (MPN) ,complete entrance counseling and sign the Annual Student Loan Acknowledgement (ASLA) online at StudentAid.gov before the loan is released onto their account. Repayment of the loan begins six months after the student graduates, leaves school or drops below half-time enrollment. For additional information, please visit StudentAid.gov/sub-unsub.
The Direct PLUS Loan, also referred to as Grad PLUS Loan, is a federal loan made available to graduate or professional degree students who have satisfactory credit histories. Students must be enrolled at least half-time. The yearly loan limit is the cost of education minus any estimated financial aid that the student is eligible to receive. For additional information on Grad PLUS loans, please visit StudentAid.gov/plus.
Graduate Assistantships are available for students in the following programs: Masters of Business Administration, Computer Science, Counseling, Education, Nursing and Social Work. Students may apply for assistantships through their respective schools.