- The federal government has set loan limits at $8,500 per academic year in subsidized Stafford funds and $12,000 per academic year in unsubsidized Stafford funds. Students who do not qualify for the full-subsidized Stafford amount may receive an unsubsidized Stafford loan for the balance, not to exceed the "cost of education."
- Repayment begins six months after you graduate or cease to be a half-time student. All origination fees will be deducted from the principal amount by the lender prior to disbursement of the loan funds.
Subsidized Stafford Loans are based on demonstrated financial need as determined by a federal formula, using the information provided by an applicant on the FAFSA. With a subsidized Stafford loan, the federal government pays the interest on the loan while you are in school and during approved deferment periods.
Unsubsidized Stafford Loans are not based on demonstrated need as determined by the federal formula. You are responsible for the interest that accrues during in-school, grace and approved deferment periods. You have the option to pay the interest or defer both the principal and the interest during the in-school, grace and deferment periods. If you defer making interest payments until after you graduate or you cease to be half-time, the accrued interest will be capitalized at repayment.
Federal PLUS loans for graduate students can be used to cover up to 100 percent of your total cost of graduate education (tuition, books, food, housing, transportation) minus other financial aid you've been awarded. All origination fees will be deducted at the time of disbursement.
- You must file the FAFSA (Free Application for Federal Student Aid) to be eligible.
- You must accept all Stafford student loans for which you are eligible before you may borrow under the Graduate PLUS program.
- You must be a citizen or permanent resident of the United States.
These are private loans designed specifically for graduate business students by banks. These lenders offer funds to international students and to students who require loan assistance in excess of the annual borrowing limits for the federal Stafford loan program.
- The interest rate on these loans is generally tied to the 90-day LIBOR rate, the 91-day Treasury Bill or the prime rate.
- A standard commercial credit analysis is required before your eligibility can be determined.
- The bank offering the loan establishes loan characteristics and eligibility requirements. Many lenders allow you to complete their loan applications online. Be sure to review the specific terms and conditions of the specific loan program from which you would be borrowing funds. This option is available to both domestic students and international students. International students must have a credit-worthy U.S. citizen or permanent resident as a co-signer to be eligible.