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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.
Graduate students who are studying abroad for credit with their program may be eligible to use loans for associated costs. Contact the Office of Financial Aid for more information.
Note: Self-study primers in the Lacy School 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.
Step 1: Complete the Free Application for Federal Student Aid (FAFSA)
- For the fall and/or spring semesters, submit the FAFSA for the academic year (i.e. Fall 2020 and/or Spring 2021 use the 2020-2021 FAFSA).
- For the summer term, submit the FAFSA for the academic year preceding summer (i.e. Summer 2020 uses the 2019-2020 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 Your Financial Aid Awards
Carefully review your offer of financial aid and accept or decline the awards online at my.butler.edu using your username and password provided by the Office of Admission to log in.
- Navigate to my.butler.edu and click Student Financial Planning under Academic Tools.
- Select Home in the navigation bar at the top.
- Click on Review/Accept Awards.
- Follow all steps to review and accept or decline your financial aid awards..
Step 4: Act on Your Federal Loans
Federal Direct Loan information is available below.
If you accepted the Federal Direct Loan, navigate to Student Financial Planning home page.
- Under Receive Your Funds, click on both Complete Subsidized/Unsubsidized Entrance Counseling and Sign your Direct Subsidized/Unsubsidized MPN.
- You will be directed to complete both at studentaid.gov. You will log in using your FSA ID from the FAFSA.
Step 5: Evaluate Your Options to Pay the Bill
The Office of Student Accounts publishes 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.
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 studentaid.gov for updates.
- For Direct Graduate/Professional Unsubsidized Loans disbursed between July 1, 2020 and June 30, 2021, the interest rate is fixed at 4.3 percent.
- For Direct Graduate/Professional Unsubsidized Loans disbursed between July 1, 2019 and June 30, 2020, the interest rate is fixed at 6.079 percent.
- The origination fee for the Federal Direct Graduate/Professional Unsubsidized Loan is 1.057 percent.
- The origination fee for the Federal Direct Graduate/Professional Unsubsidized Loan adjusts each year on October 1. Refer to studentaid.gov for updates..
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, 2020 and June 30, 2021, the interest rate is fixed at 5.3 percent.
- For PLUS Loans first disbursed between July 1, 2019 and June 30, 2020, the interest rate is fixed at 7.079 percent.
- The origination fee adjusts each year on October 1. Refer to studentloans.gov for updates.
- For PLUS Loans first disbursed between October 1, 2020 and September 30, 2021, the origination fee is 4.228 percent.
- For PLUS Loans first disbursed between October 1, 2019 and September 30, 2020, the origination fee is 4.236 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.
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.
**** Loan Processing Update: Federal Grad PLUS Loan and Private Loan applications for the 2020-2021 academic year will be processed beginning in June. Loan period menu drop down for the 2020-2021 academic year for a Grad PLUS Loan application should become available beginning mid-April at studentaid.gov.