NEW: Starting with the 2012 fall semester, graduate and professional students will no longer be eligible for Federal Direct Subsidized Loans.
Graduate and Professional Students will no longer be eligible to receive Federal Direct Subsidized Loans on or after July 1, 2012 .
Federal Direct Unsubsidized loans are made directly to you at a low interest rate. However, they are not based on need and interest begins to accrue from the date of disbursement. Repayment of accrued interest and principal does not begin until six months after graduation or stop attending, but the student may choose to pay the interest as it accrues.
Federal Direct Subsidized loans (which will no longer be available after July 1, 2012) are need-based loans made directly students prior to July 1, 2012 that have a low interest rate and lenient repayment terms. Payments are deferred as long as the student is enrolled at least half-time. Repayment of interest and principal does not begin until six months after graduation or stop attending. No interest accrues until the loan is in repayment.
You must determine how much to borrow based on your personal resources, the length of your program, and your ultimate career plans. Keep in mind that University Scholarships and Financial Aid Services cannot certify more than the total cost of your program which includes tuition, housing, meals, books & supplies, and personal expenses. You should consider your loan debt and examine your budget to minimize expenses in an effort to avoid the temptation to borrow too much. Consult the loan payment calculator on www.finaid.org to see what monthly payments will be after graduation to help determine how much loan money to borrow.
Federal Direct Student Loan Limits
Graduate and professional students can borrow a Grad PLUS loan up to the difference between USF’s estimated cost of attendance and other aid or resources received. Click here for more information regading Grad PLUS loans.
Federal Loan Repayment
A private loan is a privately financed education loan, which is offered by banks and other organizations. A creditworthy co-applicant may be required as these are credit-based loans. Individual eligibility will vary according to cost, need, and any other aid being received by the student.