The Federal Unsubsidized Direct Loan has an interest rate of 5.31% for loans disbursed on or after 7/01/16 and before 7/01/17, and 6.0% for loans disbursed on or after 7/01/17 and before 7/01/18. Interest on the Federal Unsubsidized Direct Loan accrues while the student is in school and during the six-month grace period that follows enrollment. Accrued interest may be paid periodically or will be capitalized prior to repayment. The borrowing limit for the Federal Unsubsidized Direct Loan Program is $20,500 per academic year.
Students seeking funding beyond what is available through the Federal Unsubsidized Direct Loan program may qualify for the Federal Direct Graduate PLUS program. PLUS loans are offered at an interest rate of 6.31% for loans disbursed on or after 7/01/16 and before 7/01/17, and 7.0% for loans disbursed on or after 7/10/17 and before 7/10/18. Although repayment of a PLUS loan begins within 60 days of disbursement, repayment can be deferred as long as the borrower is enrolled in school at least one-half time. PLUS loans also require a positive credit history. Contact the financial aid office for additional information.