Student Financial Services
Graduate Loans
Need-Based Loans
Federal Subsidized Stafford Student Loan
The Stafford Loan is a federally funded educational loan available through private lenders. The annual variable interest rate changes every July 1, but will never exceed 8.25%. The federal government pays the accruing interest rate while the student is enrolled on at least a half-time basis and for up to 6 months after the student graduates or ceases to be enrolled on at least a half-time basis. Currently the rate is 6.80% for both the in-school rate as well as the repayment rate. Students who are awarded a Stafford Loan will receive a loan certified by the College and information regarding the completion of a Master Promissory Note (MPN) and Entrance Counseling. The maximum that a student may receive is $8,500 per academic year.
Non-Need-Based Loans
Federal Unsubsidized Stafford Student Loan
This is a federally funded educational loan available through private lenders. The accruing interest may be paid on a quarterly basis of capitalized interest while the student is enrolled on at least a half-time basis. Students who are awarded an Unsubsidized Stafford Loan will receive a loan certified by the College and information regarding the completion of a Master Promissory Note (MPN) and Entrance Counseling. Graduate students may receive up to $20,500 in unsubsidized loans. The total for unsubsidized and subsidized for each academic year cannot exceed $20,500.
The Graduate PLUS Loan is a federally funded loan that enables graduate students to borrow up to the full cost of attendance less any other financial aid received. The interest rate on a PLUS loan is 7.90%. Repayment begins within 60 days after full disbursement of the loan, with disbursement made in equal installments, one half during each semester of a student’s enrollment. The principal payment may be deferred while the student is enrolled on at least a half-time basis. Loans will not be certified for a partial period of enrollment (i.e. single semester) unless it is the student’s final period of enrollment. Please note that there will be an origination fee of 4% on the Graduate PLUS Loan, so when requesting an amount to borrow, factor in this fee. The origination fee is charged by the federal government.
To apply for the Graduate PLUS Loan, you can initiate the application process by first completing the Master Promissory Note (MPN) by clicking here. You will then select "Complete New MPN for Student Loans," then "Graduate PLUS." Next, you will need to submit a PLUS Loan Request Form, which you can download and send to our office (our mailing address and fax number are at the bottom of this form).
