Types of Aid Available
Federal Direct Unsubsidized Loans:
Federal Direct Unsubsidized Loans are available to students who apply for financial aid using the FAFSA. Each loan will have a fixed interest rate for the life of the loan. The FAFSA is the only application necessary to receive Federal Direct Unsubsidized Loans but you must accept your loans on MaineStreet in order to receive them. Repayment on Loans is not required until 6 months after the student leaves school, as long as the student remains enrolled at least half-time. Unsubsidized Loans will accrue interest while the student is in school.
- Student can receive up to $20,500 annually in Direct Unsubsidized Loan as permitted by their cost of attendance.
- Student must be enrolled at least half-time (3 credits) in order to be eligible for Federal Loans.
- Candidacy students who are enrolled in 1 thesis credit may still be eligible. Please contact our office for specific requirements.
Currently the interest rate is 5.31% on Direct Unsubsidized Graduate Loans. The origination fee for a Direct Unsubsidized Loan is 1.066%.
Federal Direct Grad Plus Loans:
Federal Direct PLUS Loans are fixed-rate loans provided by the Department of Education. A minimal check of the borrower’s credit history is done at the time of application for the loan. There is a 10-year repayment schedule and deferment options are available. For graduate students, payments are automatically deferred while in school. Students MUST file a FAFSA in order for their eligibility to be determined.
- Go to studentloans.gov and log in using the graduate student’s FSA ID
- Choose option Request a PLUS Loan (the Request a PLUS Loan process will determine whether you are approved or denied)
- If you are approved, you must choose the option Complete Master Promissory Note (new borrowers and borrowers who use an endorser need to complete the MPN)
Grad Plus Loans currently have an interest rate of 7.0%. The origination fee for a Federal Direct PLUS Loan is 4.264%.