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Home > Admissions > Graduate Admissions > Graduate Costs & Financial Aid > Your Financial Aid Package > Federal Loans
Federal Loans
Your financial aid package may include low-interest loans offered by the federal government. Typically, you won’t have to begin repaying these loans until after graduation (unless you withdraw from school). When you apply for financial aid, you’ll automatically be considered for one of these loans.

 Federal loans include:
 

The Perkins Loan:

 

# What is it? A low-interest loan for students demonstrating exceptional financial need
# Interest rate? Fixed at 5 percent
# Deadline? Due to limited funds, apply by March 31 for top priority

Direct Loans


Using the Direct Loan Program, students borrow directly from the federal government. The Direct Loan Program includes:
 
Direct Subsidized Loans (Federal Direct Stafford/Ford Loans)
# What are they? Loans for students with financial need
# Interest rate? 6.8 percent fixed
# Deadline? None

Direct Unsubsidized Loans (Federal Direct Unsubsidized Stafford/Ford Loans)
# What are they? Loans for students not based on financial need
# Interest rate? 6.8 percent fixed
# Deadline? None
 
Federal Direct PLUS Loans
# What is it? A loan for parents of dependent students not based on financial need. The maximum amount a parent may borrow cannot exceed the student’s budget minus any awarded financial aid.
# Interest rate? 7.9 percent fixed
# Deadline? None


 

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