Graduate Loans

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  • Carlow offers guidance in financing graduate educational expenses with student loans. Your eligibility for federal loans is determined by filling out the FAFSA (Free Application for Federal Student Aid). 

    Federal Direct Unsubsidized Loan

    • First-time borrowers must complete two forms for this loan: Master Promissory Note and Entrance Counseling.
    • Interest accrues upon first disbursement of a Federal Direct Unsubsidized Loan.
    • Current interest rate is 6.21% for loans disbursed on or after July 1, 2014. Loan Origination Fee is 1.072% and will increase to 1.073% on October 1, 2014. Current interest rates.
    • Federal Direct Unsubsidized Loans are in deferment while students attend school on at least a half-time basis.
    • There is no penalty for making payments early or ahead of schedule.
    • There is a six-month grace period on the loan after the student stops attending on at least a half-time basis. 

    Graduate PLUS Loan 

    • Similar to the Parent PLUS loan, this is a credit-based federal loan at a fixed interest rate of 7.21% for loans disbursed on or after July 1, 2014. Loan Origination Fee is 4.288% and will increase to 4.292% on October 1, 2014. Current interest rates.
    • Interest accrues upon first disbursement of a Graduate PLUS Loan, and repayment begins immediately unless you request deferment from your loan servicer.
    • There is no penalty for making payments early or ahead of schedule.
    • The Graduate PLUS loan is only available to graduate students. 
    • The student must complete the following forms if planning to borrow a Graduate PLUS loan: Application and Master Promissory Note.   

    Alternative Loan

    • Students may borrow private loans from any lender. For convenience, a list of lenders most often used by Carlow students can be found at www.elmselect.com.
    • Some lenders require the student to have a credit-worthy cosigner. Policies regarding eligibility, interest rates, repayment provisions, and other concerns may vary by lender. As with any loan, please be sure you understand the details before you borrow.

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