Online Graduate Loans
Loans for Online Graduate Students
Up to 2% of the total amount of the Federal Direct Subsidized Loan, Federal Direct Unsubsidized Loan, and up to 5% of the Federal Direct PLUS Loan mentioned below may be deducted by the Department of Education. In addition, if a student graduates or ceases to attend half-time, they are required to complete an exit loan counseling session for their federal student loans.
For information and resources about student loan repayment, or to submit a complaint relating to your student loan or student loan servicer, please visit or contact the Student Loan Advocate at loanadvocate@wsac.wa.gov.
Aggregate Loan Limits: Students cannot take out a total of more than the following aggregate amounts during their time in school–
- Graduate Independent Federal Direct Subsidized and Unsubsidized limit: $138,500*
*Graduate students are no longer eligible for Federal Direct Subsidized Loans, but existing balances on such loans count toward the aggregate loan limit. Aggregate limit for graduate students includes loans received for undergraduate study.
Federal Direct Unsubsidized Loan
Eligibility: Not need-based
Amount: The annual limit for graduate students is $20,500.
Renewal: Must re-apply for financial aid annually and maintain satisfactory academic progress.
Terms: The interest rate is fixed at the time of disbursement, and loan fees are charged according to Federal laws. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. Borrowers are responsible for the interest during all periods, regardless of enrollment or loan status. Interest payments can be deferred while the student is in school and during the grace period, but interest will continue to accrue and will be capitalized (added to the principal balance of the loan). Repayment of principal and interest begins six months after the student graduates, leaves school, or drops below half-time enrollment. See more information on and .
Apply: Complete the required to review your responsibilities and rights as a borrower, and to agree to the terms and conditions under which you must repay the loan.
Accept Loan: Student loan borrowers at ÐÓ°ÉÔ°æ must sign and submit the annual Financial Aid Terms and Conditions to accept their loan.
Federal Direct Graduate PLUS Loan (GPLUS)
Eligibility: Borrower must be a graduate student enrolled at least half-time in an eligible degree program; must not have an adverse credit history (a credit-check will be performed); and must be a U.S. citizen or eligible noncitizen and meet all other for federal student aid.
Amount: The maximum amount is the student’s estimated cost of attendance minus financial aid.
Renewal: Graduate PLUS application is required annually. In addition, the student must re-apply for financial aid annually and maintain satisfactory academic progress.
Terms: The interest rate is fixed at the time of disbursement, and loan fees are charged according to Federal laws. Interest on PLUS loans accrues from the date of disbursement and continues throughout the life of the loan. Student borrowers are responsible for the interest during all periods, regardless of enrollment or loan status. Repayment of principal and interest begins six months after the student graduates, leaves school, or drops below half-time enrollment. See more information on and .
Apply: Student must complete the online (includes a credit check) and sign the .
Private Loans
Private loans are available to help pay for education related expenses. However, before a student pursues these alternative loans, the student should be sure to apply for federal financial aid if they have not already done so. The federal financial aid loan programs may have terms and conditions that are more favorable than the provisions of the private education loans.
Private loans are available from many lenders. Each of these lenders will have their own terms and conditions for borrowing and repayment. ÐÓ°ÉÔ°æ suggests that you do research to determine which lender is the best fit for you. ÐÓ°ÉÔ°æ is not able to recommend any particular lenders, but provides a historic list based on several prior years.
Private loans decisions are based on the credit scores of the student borrower and most will require a cosigner. The cosigner may be a parent, or other creditworthy individual. The amount available may be based on both the student’s credit and on the student’s budget.
about these types of loans and review a comparison of several lenders with whom ÐÓ°ÉÔ°æ students have worked.