Depending on your financial aid analysis, you may be eligible to receive a Direct Unsubsidized Loan and/or a GradPlus Loan.
Know your rights and responsibilities as a borrower and remember that when you sign a promissory note, you are signing a commitment to repay the money you are borrowing.
Direct Unsubsidized Loan
Direct Unsubsidized Loans are available to students (with or without demonstrated financial need) who have completed the FAFSA. While these loans are not need-based, they are budget-based, and you will not be eligible to borrow more than your budget. The fixed interest rate for the Direct Unsubsidized Loan is 6 percent. These loans begin accruing interest immediately. The interest on these loans may be paid while enrolled in school or may be added to the loan principal when it goes into repayment (six months after graduation). The maximum amount that eligible students may borrow is $20,500.
GradPlus Loans are available to students (with or without demonstrated financial need) who have completed the FAFSA. These loans are designed to assist students reach their budget if they haven’t done so with scholarships, and/or Stafford Loans. These loans carry a credit base and will need to be applied for directly through the Department of Education. These loans have a current fixed interest rate of 7 percent.