Loan types and amounts - graduate students
Loan types:
| Direct Unsubsidized loan (federal) | Direct Grad PLUS loan (federal) | Private loan | |
|---|---|---|---|
| Who is eligible? | Most US citizens (or eligible non-citizens) on full-time graduate courses.* | Most US citizens (or eligible non-citizens) on full-time graduate courses.* A credit check is required. | Most US citizens enrolled in programs the lender considers eligible. Good credit history is necessary. A co-signer may be required. |
| How do repayments work? | No payments as long as you are enrolled on an eligible programme at least half-time. However, interest does accrue whilst you are studying | No payments as long as you are enrolled on an eligible programme at least half-time. However, interest does accrue whilst you are studying. | Most US citizens enrolled in programs the lender considers eligible. Good credit history is necessary. A co-signer may be required. |
| When do repayments start? | Usually six months (known as the ‘grace period’) after your course finishes or you become less than half-time. | Repayment period begins on the day after the loan is fully disbursed. The first payment is due within 60 days after the final loan disbursement. | Variable. Repayment options tend to be less flexible than for federal loans. |
* Some courses are not eligible for federal loans. Please read our Loan Eligibility page before starting your loan application.
Until the academic year 2011/12, Direct Subsidised loans were available to graduate students. However, a change to the Direct Loan Program, as part of the US Budget Control Act 2011, specified that graduate students were no longer eligible for Direct Subsidised loans.
Loan amounts:
Federal and/or private loans can usually cover the total cost of fees and living expenses for the duration of your studies. Origination and default fees (see table below) will be deducted from your gross loan award and you should take this into consideration when requesting how much to borrow. A Cost of Attendance worksheet should be completed by all students applying for US loans. This will calculate the loan amount that you are entitled to. Please see our How to Apply page to obtain this worksheet.
COA = cost of attendance
| Direct unsubsidized loan (federal) | Direct/Grad PLUS loan (federal) | Private loan | |
|---|---|---|---|
| Maximum amount per year: | $20,500 | Total amount remaining after all other aid/loans have been deducted from COA | Total amount remaining after all other aid/loans have been deducted from COA |
| Aggregate loan limit (how much you can borrow over your lifetime): | $138,500 (not more than $65,500 of this may be previous subsidized loans) | None | Depends on lender |
| Origination and Default fee: | 1% for loans first disbursed before 1st July 2013. 1.051% for loans first disbursed on or after 1st July 2013. |
4% for loans first disbursed before 1st July 2013. 4.204% for loans first disbursed on or after 1st July 2013. |
Depends on lender |
| Interest rate: | 5.41% for loans first disbursed on or after 1st July 2013. | 6.41% for loans first disbursed on or after 1st July 2013. | Variable depending on lender and credit rating. Typically higher than federal loan rates |