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The Direct Unsubsidized Loan is not based on financial need. Interest accrues from the time the loan is disbursed until it is paid in full. Interest accumulated while in school or during other periods of nonpayment is capitalized (added to the principal amount of the loan), unless a student opts to make interest payments while in school. Students may borrow up to $20,500 during an academic year (up to an aggregate of $138,500). The interest rate is fixed at 7.94 percent for loans disbursed between July 1, 2025 and June 30, 2026. There is a 1.057 percent loan origination fee, effective Oct 1, 2025 to September 30, 2026 that is taken at the time of disbursement.

The Direct Graduate PLUS loan allows you, not your parents, to borrow up to the cost of attendance less any other financial aid you receive. It has a fixed interest rate of 8.94 percent for loans disbursed between July 1, 2025 and June 30, 2026 and no aggregate limits. It has the same deferment, forbearance, and death and disability provisions as Direct Unsubsidized Loans. The Graduate PLUS loan is also eligible for federal consolidation. Credit checks are required to be eligible for this loan, but the credit criteria are less stringent than with most private student loans. There is a 4.228 percent origination fee, taken at the time of disbursement.

The annual maximum loan limit for most alternative loans is the difference between the cost of attendance and any other financial aid received for the academic year. Unlike the Direct Loan programs, alternative loan programs are consumer loans for students and therefore require borrowers to demonstrate good credit histories as part of the eligibility requirements. The Office of Financial Aid strongly suggests that you get a copy of your credit report from each of the three credit reporting agencies prior to applying for an alternative loan.

Credit Reporting Agencies

T: 800.685.1111

T: 888.397.3742

T: 800.888.4213

For more information, visit our Scholarships page.