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Graduate Students

Federal Direct Loan

Eligibility: A long-term, low interest unsubsidized student loan.

*The Budget Control Act of 2011 eliminated the up-front interest rebate effective for all Federal Direct Loans first disbursed on or after July 1, 2012, and eliminated the graduate and professional student eligibility for Federal Subsidized Direct Loans effective for loans with loan periods beginning on or after July 1, 2012.

Amount: annual grade level maximums for graduate students is $20,500.

Comments:

• Students are required to file the Free Application for Federal Student Aid (FAFSA).
• Federal Direct Loans have a fixed rate of 6.8 percent.
• As of March 1, 2013, an origination fee of 1.05 percent will be assessed by the lender at the time of disbursement. This fee is subject to change; refer to www.studentloans.gov for updates.
• 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 4.5 credit hours to be eligible for the Federal Direct Loan beginning with the Fall of 2012.

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 percent.
• Repayment of the loan typically begins 60 days after the loan is fully disbursed with no grace period.
• Interest begins to accrue after the first disbursement is made. Students may contact the U.S. Department of Education (DOE) for additional information and deferment options.
• As of March 1, 2013, an origination fee of 4.2 percent will be assessed by the lender at the time of disbursement. This fee is subject to change; refer to www.studentloans.gov for updates.
• 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 4.5 credit hours to be eligible for the loan, beginning with the Fall of 2012.

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.