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Office of Financial Aid
Financial Aid

Graduate Students Financial Aid

The Office of Financial Aid awards Federal Direct Loans to degree-seeking graduate students enrolled at least half-time (three credit hours). There is no gift assistance for graduate students awarded through the Office of Financial Aid. Federal Direct PLUS Loans for Graduate Students and Private Loans are available to those needing additional assistance.

Note: Self-study primers in the College of Business carry no credit hours and are not aid eligible. Some Graduate Non-Degree Certificate programs may be aid eligible and may follow the procedures for borrowing as listed below. Please check with your department for details.

Steps for Graduate Students Borrowing Loans

Step 1: Complete the Free Application for Federal Student Aid (FAFSA)

Step 2: Regularly Check Your Butler University Email
Students will receive an email when the financial aid notification is available to view on My.Butler

Step 3: Review/Accept/Decline Your Financial Aid
Carefully review your offer of financial aid and accept or decline the awards online using your username and password provided by the Office of Admission to log in. 

  • Navigate to my.butler.edu > Self Service Student Homepage > Student Center > Finances > Financial Aid > Review/Accept/Decline Financial Aid. 
  • Accept or decline each award offered.
  • Check and Accept Financial Aid Terms/Conditions.
  • Click Submit.
  • Click Yes to continue.

Step 4: Act on Your Federal Loans
Federal Direct Loan information is available below. 

Complete the Loan Agreement for a Subsidized/Unsubsidized Loan (MPN):

  • Navigate to studentloans.gov.
  • Sign in with student’s FSA ID from the FAFSA.
  • Click on Graduate/Professional Students.
  • Click on Complete Loan Agreement for a Subsidized/Unsubsidized Loan (MPN).

Complete Entrance Counseling:

  • Navigate to studentloans.gov.
  • Sign in with student’s FSA ID from the FAFSA.
  • Click on Graduate/Professional Students.
  • Click on Complete Entrance Counseling.

Step 5: Evaluate Your Options to Pay the Bill
The Office of Student Accounts published the electronic billing statements monthly as charges occur. More information about the tuition and fees, the billing process, payment plans, and additional Student Account Services can be found here.

If you need additional assistance to cover educational expenses, Butler offers financing options to invest in your education. Our payment plan, Federal Direct PLUS Loan for Graduate Students, and Private Education Loans are available. More information on graduate loan options is available below.

Federal Direct Loan

The Federal Direct Loan is a long-term, low-interest unsubsidized student loan. Degree-seeking graduate students enrolled at least half-time (three credit hours) may be eligible to borrow up to $20,500 annually.

  • Students are required to file the FAFSA.
  • Repayment begins six months after graduating, leaving the University or enrolling less than half-time.
  • The fixed interest rate for the Federal Direct Graduate/Professional Unsubsidized Loan adjusts each year on July 1. Refer to studentloans.gov for updates. 
  • For Direct Graduate/Professional Unsubsidized Loans disbursed between July 1, 2017 and June 30, 2018, the interest rate is fixed at 6.00 percent. 
  • The origination fee for the Federal Direct Graduate/Professional Unsubsidized Loan adjusts each year on October 1. Refer to studentloans.gov for updates.
  • For Graduate/Professional Direct Unsubsidized Loans disbursed between October 1, 2017 and September 30, 2018, the origination fee is 1.066%. 

Federal Direct PLUS Loan for Graduate Students (Grad PLUS)

Federal Direct PLUS Loan for Graduate Students is available to credit-worthy students pursuing a graduate degree. Grad PLUS Loans may cover educational expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods, and the lender is the U.S. Department of Education.

  • Repayment begins 60 days after the loan is fully disbursed. Deferment options are available while the student is in school.
  • The fixed interest rate adjusts each year on July 1. Refer to studentloans.gov for updates.
    • For PLUS Loans first disbursed between July 1, 2017 and June 30, 2018, the interest rate is fixed at 7.00 percent. 
    • For PLUS Loans first disbursed between July 1, 2016 and June 30, 2017, the interest rate is fixed at 6.31 percent.
  • The origination fee adjusts each year on October 1. Refer to studentloans.gov for updates.
    • For PLUS Loans first disbursed between October 1, 2017 and September 30, 2018, the origination fee is 4.264 percent. 
    • For PLUS Loans first disbursed between October 1, 2016 and September 30, 2017, the origination fee is 4.276 percent.
  • Students must complete the FAFSA and apply for the PLUS Loan at studentloans.gov.
  • The Office of Financial Aid will process a PLUS Loan upon notification of credit approval.
  • The Master Promissory Note (MPN) must be signed prior to funds being credited to the student's account.
  • Students must be enrolled in a minimum of three credit hours to be eligible for the loan.

 

Private Loans

Graduate students may consider private loan options after exhausting opportunities from federal aid programs. See Private Loans on our Financing Options webpage for more information about the available loan programs.