Graduate Student Loans

• Eligibility: Available to all post-baccalaureate and graduate students regardless of financial need.
• Award Amounts: 
  • For Dependents: Up to $2,000 per year for post-baccalaureate students; not applicable for graduate students.
  • For Independents: Up to $7,000 per year for post-baccalaureate students; up to $20,000 per year for graduate students.
  • Please note: All students have a total or aggregate limit for borrowing Federal Direct Loans over the course of their entire education.
• Interest Rates: Fixed rate of 7.94% for loans disbursed in the 2025-2026 academic year.
• Fees: 1.057% origination fee for loans disbursed on or after October 1, 2025 and before September 30, 2026.
• Important Deadlines: The FAFSA and all loan steps should be completed by July 1 before each fall-to-spring academic year and by January 1 for spring-only semesters in order for your loans to be processed timely.
• How to Apply: 
  • Step 1: Visit FAFSA.gov to complete your Free Application for Federal Student Aid (FAFSA). 
  • Step 2: Complete an online entrance counseling session at studentaid.gov/entrance-counseling
  • Step 3: Complete an online Federal Direct PLUS Loan Master Promissory Note (MPN) at studentaid.gov/mpn

Private education loans are offered by private lenders and assist students with educational and living expenses in addition to Federal and PLUS loans. These loans should only be considered as a last resort and are not recommended unless Federal PLUS loans are not an option.

• Eligibility:
  • Students must complete a separate application and pass a credit approval with their chosen lender.
  • Private loans will be included as a resource in your financial aid package.
• Award Amount:
  • Students may borrow up to the estimated cost of their education minus other aid.
• Additional Information:
  • For more details on the private loan process, students and families can visit finaid.org. 
• How to Apply:
  • Step 1: Select a lender—three options: 
    • Review lenders used often by SAIC students at ELMSelect* or
    • Check with your own banking institution, or
    • Search the internet to review and select a private lender of your choice. 
  • Step 2: Complete required steps as instructed by your chosen lender. An endorser/co-signer is required in most cases.

Note: A credit approval is required for a private loan. Borrowers need to re-apply each year and for each loan as needed. Information on the private loan process can be found at finaid.org.

*ELMSelect is a transparent, lender neutral, free service. Lenders provide the loan information available for comparison.