Types of Loans
Here’s an overview of the types of loans available. Do some exploring to find the one that’s right for you.
Unsubsidized Stafford Loan
This is a federal student loan that enables graduate students to borrow up to $20,500 per academic year, with an aggregate loan limit of $138,500 (undergraduate and graduate combined). Eligibility for an unsubsidized loan is determined using the information provided in the FAFSA results. This loan comes with a six-month grace period, and students are responsible for the interest that accrues while they are enrolled in school.
Graduate PLUS Loan
Federal PLUS loans for graduate students can be used to cover up to 100 percent of your total cost of graduate education (tuition, books, food, housing, transportation) minus other financial aid you've been awarded. All origination fees will be deducted at the time of disbursement.
- You must file the FAFSA (Free Application for Federal Student Aid) to be eligible.
- You must accept all Stafford student loans for which you are eligible before you may borrow under the Graduate PLUS program.
- You must be a citizen or permanent resident of the United States.
- A standard credit analysis is required to determine your eligibility.
These are private loans designed specifically for graduate business students by banks. These lenders offer funds to international students and to students who require loan assistance in excess of the annual borrowing limits for the federal Stafford loan program.
- The interest rate on these loans is generally tied to the 90-day LIBOR rate, the 91-day Treasury Bill, rate or the prime rate.
- A standard commercial credit analysis is required before your eligibility can be determined.
- The bank offering the loan establishes loan characteristics and eligibility requirements. Many lenders allow you to complete their loan applications online. Be sure to review the specific terms and conditions of the specific loan program from which you would be borrowing funds. This option is available to both domestic students and international students. International students must have a credit-worthy U.S. citizen or permanent resident as a cosigner to be eligible.