Federal Direct Loan Unsubsidized
- A low-interest loan from the Federal Government.
- Interest will accrue on this loan while you are in school. The interest will be capitalized when you are no longer a fulltime student or you have graduated.
- This is not a need-based program, although you cannot borrow more than the difference between the cost of attendance and all forms of financial aid, including any Federal Direct Subsidized Loans.
- Depending on your need, you may borrow up to $20,500 a year, less any Federal Direct Subsidized Loan for which you may be eligible (medical students may borrow $40,500).
- The total amount Federal Direct Loan you may borrow as a graduate or professional student is $138,500 (medical students may borrow up to $189,125), including the remaining balance of any Federal Stafford or Direct Loan borrowed at the graduate and/or undergraduate level.
Terms and Conditions
- Interest Rate is 5.41%.
- You will be responsible for all interest accrued on this loan from the date of disbursement. Your repayment will begin six months after graduation or withdrawal from school, at which time you must begin to repay the loan.
- A Federal loan origination fee of 1.072 percent and a guaranty default reduction fee of up to 1 percent will be deducted from the amount requested.
- You must attend entrance and exit interviews and complete the necessary forms, including Master Promissory note, before the loan will be disbursed.