Changes in Loan Awarding Procedures

1. We are now offering Grad PLUS Loans to cover the gap between your Federal Direct Loan and other awards (fellowships, fee remissions, department aid, etc). In the past we left "unmet need" and required you to contact us to request a Grad PLUS Loan. Now you can accept your Grad PLUS Loan on MyFinAid. The Grad PLUS Loan is a high-interest-rate loan (7.9%), so we strongly urge you not to accept this loan until and if you know that you need it. There will be no deadline to accept your loan until late in spring semester.
2. Your Federal Direct Loan offer is for the entire acdemic year and will no longer be divided into a fall and spring offer. The amount you accept will be automatically divided into equal fall and spring disbursements. If you accept less than your full offer, the remaining eligibility will be converted to a second loan offer that you can choose to accept later, at which point it will be divided into two equal fall and spring disbursements. This change was required by federal regulations.