Online Education Loans

Be sure you're in touch with your Loan Servicer at all times throughout your years of borrowing. It is even wise to pay interest while you're in school, if at all possible, on any loans that are accruing interest (i.e. every loan EXCEPT the Direct Subsidized Loan). Once you're ready to leave school, we recommend using the Repayment Estimator to determine which is the best loan repayment option for you. Note: You may switch plans as your income situation changes. Just realize this — the longer you take to repay your loans, the more they will cost you.

The U.S. Department of Education offers low-interest loans to eligible students to help cover the cost of graduate and professional degrees. These loans are available to cover your Cost of Attendance, which includes your direct costs (those that are billed to you) and may also include your indirect costs, such as living expenses and other education-related materials.

To apply for Federal Direct Loans you must file the FAFSA and sign a Master Promissory Note (MPN) and Complete Entrance Counseling. For all Federal Loans, you will also need to complete Exit Loan Counseling when you are no longer enrolled at least half-time. Both Entrance and Exit Counseling provide information about terms of borrowing, interest accrual and repayment options and can be completed online.

All pertinent information regarding Title IV, HEA federal loans, including Direct Loans, will be submitted to NSLDS and accessible by authorized agencies, lenders, and institutions.

Unsubsidized Direct Loans

The Direct Unsubsidized Loan is available to all graduate and professional students regardless of need. UNE will determine the amount you can borrow based on your Cost of Attendance and annual limits. Visit the Federal Student Aid website for information on loan borrowing limits and the most current interest rates for direct loans.

Graduate PLUS Loans

The Graduate PLUS Loan is a credit-based loan, subject to credit approval by the lender, that may be offered to you as part of your Financial Aid award. PLUS loans help pay for expenses up to the Cost of Attendance (COA) minus all other financial assistance (e.g. Direct Unsubsidized Loan and/or scholarships). After you accept any offered Graduate PLUS Loan funds, the loan will then be subject to lender approval. If credit is denied for the PLUS Loan, you can continue to pursue this loan with an endorser or you can appeal the denial. 

Private education loans, or alternative loans, are credit-based loans offered by private lenders and are not issued by the federal government. These loans can help bridge the gap between any other financial aid a student receives and the total cost of their education.

Students are strongly encouraged to complete the Free Application for Federal Student Aid (FAFSA) and utilize all federal and state aid options before pursuing a private loan. It is up to each student to determine the financing option that best meets their needs.

Eligibility for private loans is based on the lender’s credit review and specific terms and conditions. These loans are typically issued in the student’s name and often require a creditworthy cosigner. When exploring private loan options, borrowers should carefully compare interest rates, repayment plans, cosigner release policies, and available deferment or forbearance options, as these can vary from lender to lender.

If you are new to borrowing a private loan, we recommend familiarizing yourself with the application process before making a selection.