Direct Unsubsidized (Interest Rate is 6.21%): This loan is not need-based. The student is held responsible for paying the interest on this loan starting from the time of the first disbursement.
Direct Graduate PLUS Loan (Interest Rate is 7.21%): This loan is not need-based. The student is held responsible for paying the interest on this loan starting from the time of the first disbursement. The approval for this loan is established through a credit check. If denied, a student may still apply using a co-signer.
Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid default.
A consolidation loan may help make loan repayment more manageable by combining multiple Federal Financial Aid Loans into one loan with one monthly payment. Loan Consolidation will make repayment more manageable and may lower your monthly payment by extending the period of time in which you pay back your loans. However, extending the loan period will increase the total amount you repay over the life of the loan.
For a list of FAQs on Loan Consolidation, please see Frequently Asked Questions.
Repaying Your Loans
Payments on your federal student loans are made to your loan servicer. Each servicer has its own payment process. You are responsible for staying in touch with your servicer and choosing the right repayment plan for your student loans. Get details about repayment plans and calculate your estimated repayment amount under each of the different plans.
Public Service Loan Forgiveness
Borrowers may qualify for forgiveness of the remaining balance on their Direct Loans due to eligible federal student loans making 120 payments under certain repayment plans while employed full time by certain public service employers. This information can also be found in the PSLF Fact Sheet and the Dear Borrower Letter, which can be downloaded and printed.
Financial Aid Disbursements
Loan payments are split into five equal disbursements for non-standard term students and two equal disbursements for non-term students. Payments are delivered to the school from the disbursing agent, either by Electronic Funds Transfer (EFT) or paper check. The funds are then posted to the students account during the first week of every term or payment period. The student is responsible for any balance that financial aid does not cover and must adhere to the terms of his/her tuition payment option.
Please visit the Education Resource Organizations Directory (EROD) for a list of agencies administering state grants. You may contact these agencies directly for information regarding state grants that may be available.
Rights and Responsibilities
You may receive a copy of the Borrower Rights and Responsibilities from the Financial Aid Office.
Entrance and Exit Counseling
Entrance Counseling must be given to all financial aid students before aid is disbursed and Exit Counseling must be given to all financial aid students within 30 days of separation from the school. The entrance and exit counseling is available on StudentLoans.gov. Students may contact the financial aid office to receive individual repayment or account information.
Return of Title IV Funds
Should you drop from the program, the Financial Aid Office will perform Return of Title IV Funds. This process ensures that the school keeps the amount of financial aid earned by you and returns any unearned funds back to the lender. This process may result in you owing the school for tuition and fees.