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Loans for Graduate Students

Loans for Graduate Students

Ursuline College Loans

Loan funds must be repaid, typically after graduation. While some students are intimidated by the idea of student loans, they are actually a great tool to help finance your education. Most Ursuline students report that their loan was worth it, and find that their payments are manageable after graduation.

 

Ursuline College Loans

Loan funds must be repaid, typically after graduation. While some students are intimidated by the idea of student loans, they are actually a great tool to help finance your education. Most Ursuline students report that their loan was worth it, and find that their payments are manageable after graduation.

Federal Direct Loans
All Ursuline College students who complete the FAFSA will be awarded the Federal Direct Loan based on their grade level for the academic year. As a graduate student, you may only borrow through the Federal Direct Unsubsidized Loan program.
  • You must be enrolled at least half-time (3 credit hours) in an approved program of study to be eligible for the federal loans.
  • The interest rate on Federal Direct Loans for graduate students is currently 6.0%.
  • Interest on the graduate-level Direct Unsubsidized Loan does accrue while you are in school, but you can choose to defer the interest and payments while in school.
  • If you choose to defer your interest while in school, the accrued interest will be capitalized once at the beginning of your repayment of the loan and become part of your principle loan amount.
Additional Loan Requirements
  • Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated, when interest is charged, available repayment plans, and deferment and cancellation provisions. The MPN must be signed and on file in order for you to receive the loan funds. If you are a previous borrower and have a valid MPN on file, you are not required to sign again. The federal direct loan website listed below includes more detailed information on the electronic signature process and the loan details.
  • Loan Entrance Counseling is required for all first-time borrowers at Ursuline College (undergraduate and graduate). This counseling session provides information to help you understand your federal loan responsibilities as well as provides useful tips and tools to help you develop a budget for managing your educational expenses. You can complete your Loan Entrance Counseling at www.studentloans.gov – you should allow approximately 30 minutes for this session.
  • You will need your FSA ID Username and Password to login and complete both the MPN and Entrance Counseling. We have created a tutorial with screen shots to assist students through this process, if needed (see Financial Aid Resources) Link to resources page
  • Students must be enrolled at least half-time (6 credit hours undergraduate; and 3 credit hours graduate) and meet all other compliance requirements in order for the loan funds to be disbursed to the student’s account.
  • Loan Exit Counseling is a federal requirement and a mandatory process for all student loan borrowers. Exit Counseling is required for all students who have completed their degree, have chosen not to return to Ursuline College, or are attending less than half-time (less than 6 credit hours undergraduate). The exit counseling session includes information about repayment options, deferments, and your rights and responsibilities for your student loan. You should allow 25-30 minutes to complete the Exit Counseling process. To complete the counseling session, go to www.studentloans.gov. You will need to login with your FSA ID Username and Password. Ursuline College does offer in-person Exit Counseling for graduating seniors each year in April. A financial aid representative will be available to review all of the information required for Exit Counseling and answer any questions you may have. You can choose this option instead of the on-line counseling if you wish. Information as to the date and time of the session each year will be sent to you with your graduation information.
Federal Direct PLUS Loan for Graduate Students

The Graduate PLUS Loan is a federal student loan designed for graduate students who have reached their annual maximum for the Federal Direct Subsidized and Unsubsidized Loans.  Interest for Graduate PLUS Loans first disbursed after July 1, 2017 will be 7.0%. 

To be eligible to receive a Grad PLUS loan the borrower must: 

  • File the current year Free Application for Federal Student Aid (FAFSA) 
  • Exhaust all eligibility for Federal Direct Unsubsidized loans  
    • $20,500/year or  
    • $138,500 lifetime limit 
  • Pass a credit check performed by the Department of Education.
  • Have a signed Grad PLUS MPN on file with the Department of Education at www.studentloans.gov.
  • Must complete Entrance Loan Counseling sessions for graduate PLUS loans at www.studentloans.gov.
  • Be registered at least half-time (3 credit hours) during the loan period.
  • Not be in default or have an overpayment on any Federal Title IV financial aid program.
Private Loans

Private loans are funds from private lenders to help cover educational costs. There are private loans available for students or for parents. A student may want to consider a private loan when federal and/or state financial aid is not enough to cover the student’s cost of attendance.

Each private loan lender has specific criteria you must meet to qualify for a loan. Some loans may be for specific majors only and/or require a co-signer. Most lenders will review the applicant’s credit history. In addition, Ursuline College may be asked to certify that you are making Satisfactory Academic Progress and that you have not exceeded your cost of attendance.

Your estimated cost of attendance COA is a standardized estimate of what it will cost you to attend Ursuline College for the academic year. Private loans must be re-applied for every academic year.

Your estimated COA is comprised of the following components:

  • Tuition and Fees
  • Room and Board
  • Books
  • Transportation
  • Miscellaneous Personal Expenses.

Your financial aid package (including private loans) cannot exceed your estimated COA. See the Tuition and Cost page for specific amounts.

Choosing the right private loan for you.

There are many things to consider when choosing a lender. Be sure to ask the following questions

  • What is the loan origination (processing) fee?
  • What is the interest rate? Typically, the interest rate on private loans is higher than Federal Subsidized and Unsubsidized Loans.
  • When do I have to start repaying the loan? The repayment period for private loans varies among loan programs.
  • Do I have to be meeting Satisfactory Academic Progress? The Satisfactory Academic Progress Standards requirement varies among loan programs.

Many lenders offer private loans. While Ursuline College does not endorse any specific private loan lender, our electronic lender list includes lenders that we work very closely with and whose loan programs fit our students needs the best. We encourage you to research various lenders and select the one that best fits your needs.

To review and compare some private loan products and begin the application process, please visit Great Lakes FAST Choice webpage. To begin the process, please click the button below.

Choosing the right private loan for you.

There are many things to consider when choosing a lender. Be sure to ask the following questions

  • What is the loan origination (processing) fee?
  • What is the interest rate? Typically, the interest rate on private loans is higher than Federal Subsidized and Unsubsidized Loans.
  • When do I have to start repaying the loan? The repayment period for private loans varies among loan programs.
  • Do I have to be meeting Satisfactory Academic Progress? The Satisfactory Academic Progress Standards requirement varies among loan programs.

Many lenders offer private loans. While Ursuline College does not endorse any specific private loan lender, our electronic lender list includes lenders that we work very closely with and whose loan programs fit our students needs the best. We encourage you to research various lenders and select the one that best fits your needs.

To review and compare some private loan products and begin the application process, please visit Great Lakes FAST Choice webpage. To begin the process, please click the button below.

TEACH Grant Program

The Teaching Education Assistance for College and Higher Education (TEACH) Grant program provides grants up to $4,000 per academic year with an undergraduate maximum of $16,000 and a graduate maximum of $8,000 to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. To read more about the TEACH Grant program, please click the button below.

TEACH Grant Program

The Teaching Education Assistance for College and Higher Education (TEACH) Grant program provides grants up to $4,000 per academic year with an undergraduate maximum of $16,000 and a graduate maximum of $8,000 to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. To read more about the TEACH Grant program, please click the button below.

Are you ready?

If you’re ready to see how you can change the world as an Ursuline student, begin your application below. Not ready to apply yet? Start learning more about Ursuline by requesting information or visiting today.

Apply Now