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Types of Aid

Federal Direct Unsubsidized Loans (Graduate / Professional Level)

Loan | Amount Varies | U.S. Department of Education

This is the primary loan offered to each graduate, law and medical student who applies for financial aid. The Federal Direct Unsubsidized loan is available to all students who are matriculated in a degree granting program, have filed and met the FAFSA eligibility criteria and meet enrollment requirements. This loan does not require a credit check or a certain level of income to be approved.

About the Loan

Who is Eligible

Students who:

  • are enrolled in a graduate/professional-level, degree-granting program, and

  • have filed and met the FAFSA eligibility criteria, and

  • meet the minimum enrollment required for each semester they are seeking assistance

    • Graduate students: Enrolled at least half-time (5 or more credits)

    • Law students: Enrolled at least half-time (6 or more credits)

    • Medical students: Enrolled at least half-time

Details

  • Maximum loan limits:

    • Graduate students: $20,500 per award year/period

    • Law students: $20,500 per academic year

    • Medical students: $40,500 - $47,167 amounts vary per academic year

  • Interest begins to accrue immediately after the loan is disbursed. The borrower is responsible for all accrued interest and can choose to either pay or defer the interest while in school. Deferred interest will be added to the principal balance of the loan at repayment.

  • Determination of actual amount offered is based on the student’s cost of attendance which includes enrollment and housing plans

  • Aggregate (net total) loan limits for combined graduate and undergraduate federal subsidized/unsubsidized loans:

    • Graduate students: $138,500 cumulative total

    • Law students: $138,500 cumulative total

    • Medical students (MD only): $224,000 cumulative total

Interest Rates

  • For loans first disbursed between July 1, 2023- June 30, 2024 the interest rate is fixed at 7.05%.`

The interest rate is fixed for the life of the loan. Rates are determined each year based on the 10-year Treasury note index plus a statutorily defined add-on.

Loan Fees

  • October 1, 2021 - September 30, 2022: 1.057%

Loan fees are deducted from loan proceeds prior to the disbursement of funds and borrowers are responsible for repayment of all such fees.

Repayment Plans

Repayment on the loan begins 180 days after a student falls below part-time status, graduates or stops attending school. Students have over seven different repayment terms to select, some of which are income-driven.

Complete the Direct Unsubsidized Master Promissory Note (MPN)

Visit studentaid.gov for more information

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