Graduate Students
Federal Stafford Loan
Eligibility: A long-term, low interest student
loan available in the form of a subsidized (need-based) and/or
unsubsidized (not need-based) loan.
Amount: annual grade level maximums for
dependent students:
- Freshman $5,500
- Sophomore $6,500
- Junior $7,500
- Senior $7,500
- Graduate $8,500
Comments:
- Federal Subsidized Stafford Loans have a fixed rate of 6.8% for
the 2009-2010 academic year.
- Federal Unsubsidized Stafford Loans first disbursed on or after
July 1, 2006 have a fixed rate of 6.8%.
- Repayment begins six months after graduating, leaving the
university or enrolling less than half-time (six credit
hours).
- Independent students (as determined by the FAFSA) may be
eligible for additional unsubsidized Federal Stafford loans.
- Students must be enrolled a minimum of six hours to be eligible
for the Federal Stafford Loan.
Federal PLUS Loan for Graduate Students
Under the Federal PLUS Loan program, graduate students may
borrow up to the difference between the cost of attendance and all other
financial aid. The loan is not based on need and the graduate
student must have a good credit history.
The interest rate for the Federal Graduate PLUS loan is a fixed
interest rate of 8.5%.
Repayment of this loan generally begins 60 days after the final
loan disbursement but an in-school deferment can be granted based
on school certification. There is no grace period; therefore
interest begins to accumulate after the first disbursement is
made.
A federally imposed 1% default fee may be charged on all Federal
PLUS Loans in addition to the 3% origination fee.
Filing the Free Application for Federal Student Aid (FAFSA) is
required.
Apply for the Federal
Graduate PLUS loan now
Private Loans
Private loan options are also available to graduate students.
See Financing
Options - Education Loans for further information on the
available loan programs.
We encourage all students to talk with a financial aid counselor
for information on programs that may best fit their needs in
meeting the expense of a Butler education.
Understanding Your Loan Choices - Grad Students (PDF)