Loans for Graduate Students

Please Note: Two changes to Federal Direct Loans for graduate students will be in effect beginning with the 2012-13 academic year. Read more about these Federal Direct Loan changes.

To learn more about each type of loan, including the application process, click on the name of the loan.
(Average cumulative loan debt is reported below.)

Program	Description	Eligibility	Maximum amounts and interest rates for loans disbursed after July 1, 2011	Maximum amounts and interest rates for loans disbursed after July 1, 2012
Subsidized Federal Direct Loan	Lender is the federal government. Interest does not accrue as long as student is enrolled at least half-time.	Offered to graduate students with financial need.	$8,500 Interest rate is 6.8% during repayment.	Congress eliminated the Subsidized Federal Direct Loan as of July 1, 2012. Read about Federal Direct Loan changes beginning in the 2012-13 academic year.
Unsubsidized Federal Direct Loan	Lender is the federal government. Interest accrues from the date of disbursement of the loan.	Offered to graduate students to cover the difference between cost of attendance (tuition, fees, and living expenses) and the amount of other awards.	$20,500 less any subsidized loan (higher for students in some Health Professions programs) Interest rate is 6.8%, calculated from the date of disbursement and capitalized once at the start of repayment.	$20,500 (higher for students in some Health Professions programs) Interest rate is 6.8%, calculated from the date of disbursement and capitalized once at the start of repayment. Read about Federal Direct Loan changes beginning in the 2012-13 academic year.
Federal Direct Graduate PLUS Loan	Lender is the federal government. Interest accrues from the date of disbursement of the loan.	Offered to graduate students for need not covered by Federal Direct Loan or other awards. You must pass a credit check to receive a Grad PLUS Loan. You may choose a private loan as an alternative.	Up to cost of attendance less other awards. Interest rate is 7.9%.	Up to cost of attendance less other awards. Interest rate is 7.9%. Read about Federal Direct Loan changes beginning in the 2012-13 academic year.
Perkins Loan	Federal loan administered by the University. No interest accrues until the student enters repayment.	Offered to graduate students with exceptional need, as funding permits.	$4,000 Interest rate is 5% during repayment.	$4,000 Interest rate is 5% during repayment.
Health Professions Student Loan (HPSL)	Low-interest federal loan administerd by the University. No interest accrues until the student enters repayment.	Offered only to Optometry students. Students must document exceptional need by submitting their parents' information on the Free Application for Federal Student Aid (FAFSA).	$4,000 to $6,000, based on funding available. Interest rate is 5%.	$4,000 to $6,000, based on funding available. Interest rate is 5%.
Private Loans	Loans from private lenders. Students apply directly to the lender. Lenders typically contact the University to certify the student's status and amount of need.	Available to graduate students. Can be used to cover the difference between cost of attendance (tuition, fees, and living expenses) and the amount of other awards.	Varies by lender.	Varies by lender.
Other Loans	Description	Eligibility	Maximum amounts 2011-12	Maximum amounts 2012-13
Emergency Loan: Living Expense Loan	Short-term loan offered by the Financial Aid and Scholarships Office.	Available to registered students without blocks or a prior unpaid emergency loan.	$775 Interest-free.	$775 Interest-free.
Emergency Loan: CoPayable Loan for Fees	Short-term loan offered by the Financial Aid and Scholarships Office.	Available to unregistered students without blocks or a prior unpaid emergency loan.	$1,300 Interest-free.	$1,300 Interest-free.

In 2009-10, the average cumulative loan debt for graduate degree recipients was:
Doctorate
Arts and Humanities: $45,760
Engineering and Computer Science: $24,424
Interdisciplinary: $19,720
Life Sciences: $24,424
Physical Sciences: $30,447
Professional Fields: $41,923
Social Sciences: $33,437
Professional Degrees
DPH Public Health: $17,235
JD Law: $90,978
M. Arch.: $43,715
Master Urban Planning: $27,400
Masters Education: $23,270
Masters Information Systems: $28,050
MBA Business: $71,656
MFA Fine Arts: $28,293
MPH Public Health: $30,021
MPP Public Policy: $33,046
MSW Social Welfare: $33,991
OD Optometry: $125,002
Other Professional Degrees: $39,223