Graduate Students

Types of Graduate Aid:
Grants and Scholarships | Student Employment | Financing Options

Federal Stafford Loans

Subsidized and unsubsidized Stafford loans are available to students enrolled at least half-time in a degree-seeking program. Commercial lenders who participate in the Federal Family Education Loan Program (FFELP) make these low-interest loans. Students with demonstrated need are eligible for a subsidized loan, and the government will pay the interest while the student is in school and during a six-month grace period. Unsubsidized loans are awarded to those without remaining need, and the interest accrues on the loan during school, the grace period, and through repayment.

The interest rate on the Stafford loans may vary; it is based on the 91-day Treasury bill and will not exceed 8.25%. For the 2009-2010 aid year, the interest rate will be a fixed 6.8%. A 0.5% origination fee and/or a 1% guarantee fee may be taken out of each loan before the funds are disbursed to the school. Repayment begins 6 months after the student is no longer enrolled at least half-time. The standard repayment period is 10 years but can be as long as 30 years. Information regarding disbursement and repayment will be mailed to the address the student provides on the Master Promissory Note.

Graduate students are eligible for loan amounts up to $20,500 per academic year in a combination of subsidized and unsubsidized loans. A student's overall aggregate loan borrowing may not exceed $138,500, of which the subsidized portion may not be over $65,500.

All funds are divided evenly across anticipated terms of enrollment, excluding Summer. Stafford loans for Summer term will only be awarded if the student did not use all of his or her eligibility during the regular academic year.

How to Apply | Recommended Lenders