Graduate Student Loan Information
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. Beginning July 1, 2006 all new Stafford loans will have a fixed interest rate of 6.8%. There is no interest subsidy under the Unsubsidized Stafford Loan program. Up to 1%-origination/default fee paid to the U.S. Dept. of Education by way of fees deducted from your check before it is disbursed.
Federal Direct Graduate PLUS Loan
This program has a fixed interest of 7.9% for the life of the 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. Up to a 4%-combined origination/insurance fee paid to the U.S. Dept. of Education by way of fees deducted from your check before it is disbursed.