Financial Aid

Graduate Students

Federal Direct 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 graduate students is $8,500 subsidized and $12,000 unsubsidized.

Comments:

  • Students are required to file the Free Application for Federal Student Aid (FAFSA).
  • Federal Direct Loans have a fixed rate of 6.8% for the 2011-2012 academic year.
  • A processing fee of 1% and a rebate of.5% will be assessed by the lender.
  • Repayment begins six months after graduating, leaving the university or enrolling less than half-time (six credit hours).
  • Students must be enrolled a minimum of six hours to be eligible for the Federal Direct Loan.

Federal Direct PLUS Loan for Graduate Students (Grad PLUS)

Under the Federal Direct PLUS Loan program, graduate students may borrow up to the difference between the cost of attendance and all other financial aid, including Federal Direct Loans. The loan is not based on need and the graduate student must have a good credit history.

  • The interest rate for the Federal Direct PLUS Loan for Graduate Students is a fixed interest rate of 7.9%.
  • Repayment of the loan typically begins 60 days after the loan is fully disbursed. There is no grace period; therefore interest begins to accumulate after the first disbursement is made. Deferment options are available.
  • Interest begins to accumulate after the first disbursement is made. Students may contact the U.S. Department of Education (DOE) for additional information and deferment options.
  • A processing fee of 4% and a rebate of 1.5% will be assessed by the lender on all Federal Direct PLUS Loans.
  • Students are required to file the Free Application for Federal Student Aid (FAFSA).
  • The student borrower must use their Federal PIN (same PIN used to sign the FAFSA) when applying for the Federal Direct PLUS Loan for Graduate Students at www.studentloans.gov.
  • Students must be enrolled a minimum of six hours to be eligible for the loan.

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.