Loans are a form of aid that needs to be repaid. Loans for higher education are generally offered at low interest rates and can be repaid over an extended period of time after the student leaves the institution.
In order to apply for any of the following loans, a FAFSA
must be filed in order to determine eligibility. You need to take full responsibility for following the entire loan application process.
Programs for Graduate Students
Graduate students have two types of loans available:
- Unsubsidized Federal Direct Stafford
- Grad PLUS
The Unsubsidized Federal Direct Stafford Loan
is not need-based and the student is responsible for the interest on the loan as soon as it is taken out. The interest rate for the Unsubsidized Stafford Loan is 6.8%. Repayment on the principle of the loan begins 6 months after the student either graduates or drops below half time. The school determines the amount of your eligibility and it is shown on your financial aid award letter.
>> See loan application procedures for Federal Stafford Loans
GradPLUS Loans are low interest educational loans that can be used to help pay up to the entire cost of education, including tuition, fees, room/board, and books. The PLUS loan is not based on income or assets, however, to qualify you must pass a credit check. The Federal interest rates for the PLUS loan is 7.9%. Repayment can be deferred until 6 months after the student graduates or drops below half time.At Marymount, A FAFSA form is required in order to apply for a PLUS loan.