Types of Loans

Federal Direct Loan Program (Direct)
Federal Direct UnSubsidized Stafford Loan
Graduate Direct PLUS Loan
Alternative Loans 

Federal Direct Loan Program (Direct)
Federal Direct Loans are available to graduate students,  The Direct Loan a student is awarded is based on the FAFSA information and determined by U.S. Department of Education calculations and Cost of Attendance at the educational institution.

For Federal Direct loans, the federal government may deduct up to 4 percent total fees from the total amount borrowed.

Federal Direct UnSubsidized Stafford Loan
The Unsubsidized Stafford Loan is available to all students who meet the Federal requirements (or criteria) and will accrue interest at a fixed 6.8% upon the first disbursement. The annual Unsubsidized Stafford Loan Limit is $20,500 (per 9-month) loan period. The total aggregate loan amount is $138,500 including Subsidized Stafford loans. This loan does not begin repayment until the end of the six-month grace period.

Graduate Direct PLUS Loan
Federal Graduate PLUS loans are for graduate students who have educational expenses beyond the Federal Direct loans and/or other financial aid. Currently, the interest rate is 7.9% per annum and is subject to change every July 1st. The Cost of Attendance (COA) minus awarded financial aid equals the amount of a potential Federal Graduate PLUS loan. COA includes actual tuition plus general budgets for Books, Supplies, Room/Board, Transportation and Personal expenses. A separate loan application is required and credit worthiness check will be done by the U.S. Department of Education.

Alternative Loans
An Alternative Loan is a private loan that a student may apply for from a lending institution or organization. Alternative loans are not part of Federal Aid programs. A private loan has more stringent credit requirements. The lender will review your credit report and your credit score. Some lenders also consider your income-to-debt ratio. A co-signer may be required. Variable interest rates-may be as high as 18%- 21% and is not capped. Please speak to your financial aid professional before you borrow or if you have questions.