Additional Loans
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 Loans
- Few lenders offer private loans
- Maximum amount that can be borrowed is the Cost of Education (tuition and living expenses) less other financial aid including scholarships.
- Approval based on credit rating, but not on your income or debt to income ratio.
- Interest rate is variable; however lenders offer interest reduction features.
- Cannot be consolidated with Federal Stafford/Direct Student Loans.
How to Calculate Your Maximum Eligibility for Additional Student Loans:
| BASIC FORMULA: | EXAMPLE: | |
|---|---|---|
| Cost of Attendance (COA) | 2012/2013 | $58,850 |
| Less Annual Scholarship Award | Scholarship | $9,000 |
| Less Federal Direct Student Loan | Federal Direct Loans | $20,500 |
| Equals Additional loan eligibility | Add’l Loan Eligibility | $29,350 |
