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Graduate Students

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  • Loans

    Federal Direct Loans

    Graduate students who complete the Free Application for Federal Student Aid (FAFSA) may be eligible to borrow a Federal Direct Unsubsidized Loan.  The annual limit on this loan is $20,500.  The loan is available to degree-seeking students enrolled at least half-time (5 credits).  The loan carries an origination fee of 1.068% (subject to change 10/1/16) that is deducted prior to disbursement of funds and a fixed interest rate of 5.84% for loans disbursed through June of 2016 (subject to change 7/1/16).   Students can borrow up to the Cost of Attendance less any other financial aid.  Repayment is deferred until 6 months after graduation or a drop to less than half-time enrollment.  Students are encouraged to borrow responsibly and to make interest payments whenever possible.  Please go to www.studentloans.gov for further information.

    Federal Direct Graduate PLUS Loans

    For students in need of additional funding up to the Cost of Attendance, the Federal Direct Graduate PLUS loan may be an option.  This  credit based loan  is available to degree-seeking students enrolled at least half-time (5 credits).  The loan carries an origination fee of 4.272% (subject to change 10/1/16) that is deducted prior to disbursement of funds and a fixed interest rate of 6.84% for loans disbursed through June of 2016 (subject to change 7/1/16).   Students can borrow up to the Cost of Attendance less any other financial aid.  Repayment is deferred until 6 months after graduation or a drop to less than half-time enrollment.  Students are encouraged to borrow responsibly and to make interest payments whenever possible.  Please go to www.studentloans.gov for further information.

    Alternative Loans

    Additional private loans, generally referred to as “alternative loans,” may also be available to students. Payment can usually be deferred until graduation, but interest accrues from the time the loan is disbursed.

    The list of lenders is available online through www.ELMSelect.com. This summary information is intended only as a guide for comparison purposes. Many other options exist for supplemental borrowing.  You are NOT required to use any of the loans or lenders listed on this guide. Please consider the lender and loan product that best meets your needs. More information and a list of private lenders can also be found at www.finaid.org. A list of Pennsylvania Credit unions who offer private loans can be found at www.pastudentchoice.org along with their requirements. Please refer to the lender for updated information before making your choice. Rates, Terms and Conditions are subject to change without notice. 

    Cost of Attendance

    The cost of attendance for a student is an estimate of educational expenses for the period of enrollment.  The Cost of Attendance Budget includes tuition and fees, an allowance for room and board, books, supplies, transportation, miscellaneous personal expenses, and Direct Loan fees.   Federal regulations allow the financial aid office to exercise professional judgment to increase a student's Cost of Attendance budget on a case-by-case basis for the following reasons:  computer/tablet purchase, childcare expenses incurred during the period of enrollment, out of pocket medical/dental expenses incurred during the period of enrollment, and expenses related to a student's disability.   Documentation of these expenses is required.