For students who need to borrow more than $10,250 per semester, there is a choice of programs: the Federal Graduate PLUS Loan or a private educational loan.
Federal Graduate PLUS Loan
- Maximum amount that can be borrowed is the Cost of Education (tuition and living expenses) less other financial aid including scholarships.
- Approval is not based on credit score; however, adverse credit may affect the student's ability to qualify.
- Interest rate is fixed. The current rate can be found on the federal website for direct lending.
- Can be consolidated with Federal Direct Stafford Student Loans.
Private Education Loans
The Office of Student Financial Services strongly encourages all students eligible for federal loans to maximize their eligibility before borrowing any private education loans. Private education loans are not for everyone. They should only be utilized when all other federal resources, such as Federal Direct Stafford and Federal Direct PLUS Loan for graduate or professional students, have been exhausted.
Because private education loans are based on credit, as well as other criteria as determined by the lending institution, it is recommended that students contact at least one of the following national credit agencies to receive a copy and verify the accuracy of their individualized credit report prior to applying for a private education loan.
- Experian: 1-888-397-3742 www.experian.com
- Trans-Union: 1-800-888-4213 www.tuc.com
- CBI/Equifax: 1-800-997-2493 www.equifax.com
How to Calculate Your Maximum Eligibility for Additional Student Loans:
|Cost of Attendance (COA)||2013/2014||$60,350|
|Less Annual Scholarship Award||Scholarship||$9,000|
|Less Federal Direct Student Loan||Federal Direct Loans||$20,500|
|Equals Additional loan eligibility||Additional Loan Eligibility||$30,850|