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    Graduate Student Loan Information

    On August 9th, 2013 the Bipartisan Student Certainty Act of 2013 was signed into law. Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.

    The interest rate is now determined by using a rate equal to the high yield of the 10-year Treasury Note auctioned at the final auction held prior to June 1st  plus 3.6% for the Federal Direct Unsubsidized Stafford loan and plus 4.6% for the Federal Direct Grad Plus loan.

    Federal Direct Unsubsidized Loan Program

    The Federal Direct Unsubsidized Loan is awarded to students who demonstrate financial need, as based on Federal Methodology calculations.  Qualified students can borrow up to $20,500 annual maximum.  The aggregate maximum is $138,500. There is no interest subsidy on this loan and repayment will begin 6 months after you are no longer enrolled in school on at least a half time basis. Please see the chart below for interest rates and loan fees that will be paid to the U. S. Department of Education by way of fees deducted from your check before it is disbursed.

    Federal Direct Graduate PLUS Loan

    You can borrow up to the total cost of attendance at MCW minus any other financial aid you receive.  There is no interest subsidy on this loan and repayment will begin 6 months after you are no longer enrolled in school on at least a half time basis.  Please see the chart below for interest rates and loan fees that will be paid to the U. S. Department of Education by way of fees deducted from your check before it is disbursed.

    Interest rates effective on or after July 1st, 2014, loan fees effective October 1, 2014:

     

    UNSUBSIDIZED STAFFORD

    2014-2015 ACADEMIC YEAR

    Interest Rate

    6.21% Fixed

    Fees

    1.073%

    Interest Cap For Future Years

    9.5%

    GRAD PLUS

    2014-2015 ACADEMIC YEAR

    Interest Rate

    7.21% Fixed

    Fees

    4.292%

    Interest Cap For Future Years

    10.5%