The Federal Direct Unsubsidized loan is the most widely-used loan for graduate students. Almost all students who submit the FAFSA will have this loan offered as a part of their financial aid package.
Available to students in a degree-seeking program who submitted a FAFSA, regardless of financial need.
Maximum Loan Amount:
$20,500 per academic year. The lifetime borrowing limit is $138,500.
- For loans borrowed during the 2016-17 academic year: 5.31%
- For loans borrowed during the 2015-16 academic year: 5.84%
These interest rates are fixed for the life of the loan.
Interest accrues while you are in school, during the grace period, and during repayment. You can pay the interest as it accrues, if you wish. If not paid, interest will be capitalized when repayment begins.
A loan origination fee is proportionately deducted at disbursement of each installment of the loan. The percentage varies depending on when the loan is first disbursed.
First Disbursement Date
On or after Oct. 1, 2016 and before Oct. 1, 2017
On or after Oct. 1, 2015 and before Oct. 1, 2016
Requirements to Receive Loan:
You must complete both a Master Promissory Note and Entrance Counseling online at www.StudentLoans.gov , and remain enrolled at least half-time (4 credits or more) to receive funds.
No payments required while in school. Repayment begins six months after you graduate or drop below half-time enrollment. Payments are made to your Direct Loan servicer each month. The minimum payment is $50, but that amount will likely be higher depending on the total amount borrowed.
Learn more about the Federal Direct Unsubsidized loan through www.StudentAid.gov.