Information about Student Loans and Grant

There are two important changes beginning in the 2012-2013 school year regarding your Federal Direct Loans. The recent bill passed in Congress to raise the debt ceiling affected some of the terms on Federal Direct Student Loan policies for 2012-13 has caused the Elimination of Federal Direct Subsidized Loan and Upfront Interest Rebates.

  1. The Federal Direct Subsidized Loan will no longer be available for graduate and professional students for loan periods beginning on or after July 1, 2012.
  2. Beginning December 1, 2012, the upfront interest rebate will no longer be offered on any Federal Direct Loans. Federal Direct Lending will deduct a 1.073% origination fee on Unsubsidized Loans, and a 4.292% fee on Graduate PLUS Loans.

Direct Stafford Loan (Unsubsidized)

The interest rate is fixed at 6% on the Unsubsidized Stafford Loan accrues from the day the loan is disbursed. Repayment begins 6 months after the student ceases to be at least half-time. Students may pay interest as they go, or capitalize their interest payments.

Alternative loans

Also commonly referred to as private loans, are commercial loans offered by banks and other private lenders to cover the costs of college not covered by financial aid. Alternative loans are intended for students whose financial aid does not cover the full cost of higher education. Students must complete a Private Education Loan Applicant Self-Certification Form (PDF) and submit this form to the lender in order for the alternative loan to be complete and disburse. In order to complete this form, you will need to reference our Tuition and Fees brochure.

Graduate/Professional (Grad-PLUS)

This education loans are available to graduate and professional students who have completed the Free Application for Federal Student Aid (FASFA) and exhausted all other forms of federal aid including Stafford Direct Loans. Grad-PLUS loans can help students fill any gaps between the cost of attendance and any other financial aid (loans, grants, and scholarships) received. To receive a Grad-PLUS loan, students must pass a credit evaluation that can require a co-signer. The interest rate is 7%.

Teacher Education Assistance for College and Higher Education (TEACH)—for Education Students ONLY

TEACH Grant Program provides a grant of up to $4,000 per year to students in the Education program only. In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education for further information and to apply please go to *

Annual Loan Limits for Graduate and Health Science Loans


Unsubsidized Yearly Total Total Aggregate Amount
Graduate $20,500 $20,500  $138,500
Chiropractic $33,000 $33,000  $224,000
Naturopathic $40,500 $40,500  $224,000
Grad Prerequisites $12,500 $12,500
Average Indebtedness
Graduate  2 years of studies $41,000
Chiropractic  4 years of studies $132,000
Naturopathic  4 years of studies $162,000
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