It is important that you borrow responsibly. Consider your expenses and your budget, and only borrow what you need. The Consumer Financial Protection Bureau (CFPB) provides tools to help students make good decisions about student loans and to investigate any issues encountered with borrowing private and federal student loans. An online tool, the Student Debt Repayment Assistant, helps navigate student loan repayment options. Loan information is also available at consumerfinance.gov. CFPB staff can be contacted at 855.411.2372 or through the Consumer Finance website.
Graduate students who complete a Free Application for Federal Student Aid (FAFSA) may qualify for an unsubsidized loan. Unsubsidized means that interest is accruing on the borrowed loan while you are in school. Therefore, you are responsible for repaying the interest accrued from the time the unsubsidized loan is disbursed until it is paid in full.
The Federal Government limits graduate students to borrowing $20,500 annually (summer, fall and spring semesters) with a lifetime limit of $138,500. The $138,500 limit includes any federal direct loans a graduate student may have borrowed while completing their undergraduate degree.
Complete the following steps to apply for a Federal Direct Student Loan. Once these steps are complete, review Regis' aid disbursement process and schedule.
You are not required to begin repaying the loan while you are enrolled at least half-time in your graduate degree program. Once you are no longer enrolled at least half-time (non-enrolled or graduated from your program), you have a one-time 6-month grace period before repayment begins. You can access your full loan history, your loan servicer(s) and view repayment options on the National Student Loan Database System.
There is no prepayment penalty, so you may choose to make payments on your loan while you are enrolled in school and you may choose to pay more than the required amount once your loan is in repayment.
Interest Rates
These interest rates are fixed for the life of the loan.
Interest begins accruing when the loan is first disbursed and continues to accrue throughout the life of the loan. You can pay the interest directly to your servicer as it accrues if you wish. If not paid, interest will be capitalized when repayment begins.
Origination Fee: A loan origination fee is proportionately deducted at the disbursement of each installment of the loan. For loans first disbursed on or after Oct. 1, 2020, and before Oct. 1, 2023, the fee is 1.057%.
A Direct PLUS Loan is commonly referred to as a grad PLUS loan when made to a graduate or professional student.
To receive a grad PLUS loan, you must:
If you have adverse credit history, you may still be able to borrow a Graduate PLUS Loan through one of these two options:
With either option 1 or option 2, you must complete credit counseling for PLUS loan borrowers. You may also wish to read this article to learn more about what to do if you are denied a PLUS loan based on an adverse credit history.
The maximum PLUS loan amount you can borrow is the cost of attendance (determined by the school) minus any other financial assistance you receive.
Use the online application to apply for a grad PLUS loan.
There are several repayment options available that are designed to meet the individual needs of borrowers, including income-driven repayment plans that determine your monthly payment amount based on your income and family size. Your loan servicer can help you understand which repayment options are available to you. Generally, you’ll have 10 to 25 years to repay your loan, depending on the repayment plan that you choose. Learn about your repayment options.
Interest rate: For Direct PLUS Loans first disbursed on or after July 1, 2024, and before July 1, 2025, the interest rate is 9.08%.
Origination fee: the current origination fee is 4.228%. You may also refer to studentaid.gov for the most recent origination fee information.
Private Educational loans can provide funds to assist you in meeting the cost of your education when traditional financial aid and your own resources do not cover all educational expenses. These loans may be more expensive than federal student loans and we encourage you to consider these funds AFTER you have exhausted all financial aid and federal loan options.
You can visit Elm Select and Select Regis University to compare different private loan options.
To apply for most forms of financial aid, including federal loans, all students must complete a Free Application for Federal Student Aid (FAFSA). You must contact lenders directly to apply for private educational loans.
Before you take out a loan, it is important to understand that a loan is a legal obligation that you will be responsible for repaying with interest. You may not have to begin repaying your federal student loans right away, but you do not have to wait to understand your responsibilities as a borrower. Get the scoop: Watch this video about responsible borrowing or browse the tips below it. Be a responsible borrower.
Graduate students who complete a FAFSA may borrow up to $20,500 annually in a Federal Direct Unsubsidized Loan, and within a lifetime $138,500 loan limit, without a credit check. Credit history and credit score may affect your ability to borrow either a Graduate PLUS loan or a private education loan or affect your interest rate/terms and conditions through a private lender.
Repayment terms may vary depending on the type of loan you borrow. You can visit Federal Student Aid to find more information about repayment plans.
Interest rates vary based on your type of loan. View the current federal student loan interest rates, or contact your lender directly for private loan interest rates.
| Annual Limits | ||
| Dependent Freshman(0-29) | $5,500 (maximum $3,500 in subsidized) | |
| Dependent Sophomore (30-59 credits) | $6,500 (maximum $4,500 in subsidized) | |
| Dependent Junior (60-89 credits) | $7,500 (maximum $5,500 in subsidized) | |
| Dependent Senior (90+ credits) | $7,500 (maximum $5,500 in subsidized) | |
| Independent Freshman | $9,500 (maximum $3,500 in subsidized) | |
| Independent Sophomore | $10,500 (maximum $4,500 in subsidized) | |
| Independent Junior/Senior | $12,500 (maximum $5,500 in subsidized) | |
| Graduate Student | $20,500 (unsubsidized) | |
| Graduate Pharmacy | $33,000 (unsubsidized) | |
| Lifetime Limits | ||
| Dependent Undergraduate | $31,000 (maximum $23,000 in subsidized) | |
| Independent Undergraduate | $57,500 (maximum $23,000 in subsidized) | |
| Graduate Student | $138,500 (maximum $65,500 in subsidized) | |
| Graduate Pharmacy |
|
Yes – as a graduate student, you must enroll in 3 graduate level credits or 6 undegraduate level credits per semester to be eligible for financial aid. Graduate and undergraduate credits must apply towards your current graduate degree program.
The MPN is the Master Promissory Note that you sign to promise to repay the student loan funds to the lender. You may sign the MPN electronically by going to studentaid.gov/mpn/ and creating an account. The MPN will cover all of the student loan disbursements for that lender for up to 10 years or until you request that your lender close it.
The Entrance Loan Counseling is required of each new borrower by federal regulations. The process includes a presentation detailing critical information about your loan and your rights and responsibilities as a borrower. To complete this requirement, go to studentaid.gov/entrance-counseling/ and sign in to take the entrance counseling. Please do not confuse Entrance Counseling with Financial Awareness Counseling. Entrance Counseling is required before you can receive your loan funds. Financial Awareness Counseling is a great tool for your personal use.
If you wish to reduce the loan amount you were offered, you can submit a request to reduce your loan through Ranger Portal. If you wish to increase the amount of loan you wish to borrow after only accepting a portion, please submit a Revision Form.
Location: Clarke Hall 143
Walk-In Hours:
Monday, Tuesday, Thursday and Friday
9 a.m.-4 p.m.
*Financial Aid Counselors are not available for walk-ins on Wednesdays
Appointments encouraged
Contact:
rufinancialaid@regis.edu
303.458.4126