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Student Loan Options

Graduate School Loan Options

Direct Loans for graduate school are for students to help pay for the cost of your education. The lender is the U.S. Department of Education rather than a bank or other financial institution.

Keller can help you understand the graduate school loans available, navigate the application process and determine if you qualify for an in-school loan deferment.

Talk to us About Direct Loans

When you speak to a member of our team about loans, we can talk about how to apply, when to apply, and why to apply. Here are just a few facts about direct loans.

• Borrow directly from the federal government and have a single contact — the Direct Loan Servicing Center — for everything related to the repayment of your graduate school loans, even if you receive Direct Loans at different schools.
• Have online access to your Direct Loan account information 24 hours a day, 7 days a week at "Direct Loans on the Web" at: www.studentloans.gov.
• Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

Federal Stafford and Federal Graduate PLUS Loans for Graduate School

Federal Stafford and federal Graduate PLUS loans are available to qualified students through the Federal Direct Loan Program.

Stafford Loan

Eligibility for the subsidized Stafford Loan is based on need. The government pays the interest on these loans while students are in school at least half time and during the six-month grace period before repayment begins*. The maximum subsidized loan for an academic year is $8,500.

* There are two types of Stafford loans: Subsidized and Unsubsidized.

Students with limited eligibility or who are ineligible for the subsidized loan may borrow up to the $8,500 base amount through the Unsubsidized Stafford Loan program. Eligibility for the unsubsidized Stafford Loan is not based on need. These additional loan monies carry the same interest rate as subsidized loans. However, the federal government does not pay the interest during school attendance or during the six-month grace period. Students may pay the interest while they are completing their program or allow it to accumulate and be added to the outstanding principal, thereby increasing the amount to be repaid. Students may borrow up to an additional $12,000, but the amount borrowed may not exceed the cost of attendance minus other aid per academic year.

Federal Stafford loans have a fixed rate of 6.8 percent. All Federal Direct Loans are also assessed a loan origination fee by the federal government. The federal government will deduct the fee from the loan before the borrower receives any loan money. For all Direct Subsidized and Unsubsidized loans disbursed on or after July 1, 2011, the origination fee will be 1.0 percent. The up-front interest rebate amount will be .5 percent**.

** For loans disbursed between July 1, 2011 and June 30, 2012

Graduate PLUS Loan

Eligibility for a Graduate PLUS loan is not based on need. A credit check will be performed to establish creditworthiness. The federal government does not pay the interest during school attendance. Students have the option of paying the interest while completing their academic program or allowing it to accumulate and be added to their outstanding principal.

Students may borrow up to their cost of attendance minus any other aid per academic year. Repayment begins 60 days after the loan is fully disbursed; however, students may be eligible to defer payment while they remain enrolled in graduate school.

Period of Loans for Graduate School

For financial aid purposes, an academic year comprises four consecutive eight-week sessions of study. A loan period matches a student's expected attendance within the scheduled academic year.

The combined maximum subsidized and unsubsidized Stafford loans for graduate students may not exceed $20,500 or the cost of attendance minus other aid, whichever is less, for each academic year. The maximum aggregate student loan debt for undergraduate and graduate loans may not exceed $138,500 (subsidized and unsubsidized combined). Total subsidized loans may not exceed $65,000. Students may not be eligible for Stafford Loans at the graduate level if they have exceeded undergraduate loan limits. Undergraduate Stafford Loan limits may not exceed $23,000 (subsidized) and should not exceed $57,500 (combined subsidized and unsubsidized). Satisfactory repayment of the award over this award limit must be made in order to regain eligibility. There is no aggregate maximum for Graduate PLUS loans.