Education Loans

Many of our graduate students use educational loans to help finance the cost of their education in lieu of higher interest credit cards or short term payment plans.  The Federal Direct Unsubsidized Student Loan in particular, provide easy eligibility criteria, deferment of payments while enrolled, extended repayment periods, flexible repayment options, and low, fixed interest rates.

Federal Direct Unsubsidized Student Loan

The Department of Education provides a federal direct student loan for degree-seeking graduate students. This non-credit-based loan features a low, fixed interest rate, as well as deferment of payment during periods of at least half-time enrollment (6 credit hours). Submission of the Free Application for Federal Student Aid (FAFSA) is required to certify a student's eligibility to participate in this program.

Annual Federal Direct Unsubsidized Student Loan Limit* $20,500

*This amount is pro-rated for students attending just a single semester during an academic year. 

Federal Direct Loan Interest Rates for 2022-2023

Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First disbursed on or after July 1, 2022 and before July 1, 2023.

On May 11, 2022, the Treasury Department held a 10-year Treasury note auction that resulted in a high yield of 2.943%. The chart below shows the interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2022 and before July 1, 2023.

Direct Unsubsidized Loans for Graduate and Professional Students  6.54%

Understand how interest is calculated and what fees are associated with your federal student loan here.

Federal Direct Graduate PLUS Loan

The Department of Education also provides an additional credit-based loan opportunity for graduate students which allows them to borrow up to their full cost of attendance minus other aid. Payment typically begins 30 to 60 days after full disbursement of the loan funds to the university, although deferment provisions are available for students enrolled at least half-time in a degree seeking program.

On May 11, 2022, the Treasury Department held a 10-year Treasury note auction that resulted in a high yield of 2.943%. The chart below shows the interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2022 and before July 1, 2023.

Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First disbursed on or after July 1, 2022 and before July 1, 2023.

Federal Direct Graduate PLUS loan Interest Rate  7.54%

Submission of a FAFSA as well as completion of an entrance loan counseling session are required as part of the application process. Learn more through Federal Student Aid

Aggregate Loan Limit 

$138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

Entrance Loan Counseling 

A student who accepts a Federal Student Loan is required to complete entrance counseling.  Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. You'll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default.

Understanding Loan Repayment

A student that has borrowed a federal loan is required to complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment

Learn more about make payments, change repayment plans, explore options, and get help at the Deportment of Education Student Financial Aid website. 

How to Avoid Student Loan Forgiveness Scams

If the emails, phone calls, and text messages you’re receiving about student loan forgiveness are setting off your scam sensor, we’ve got you covered. Learn more about the most common student loan forgiveness scams and how to avoid them. Visit Federal Student Aid

COVID-19 and Student Loans for Students, Borrowers, and Parents

On April 6, 2022, the U.S. Department of Education (ED) extended the student loan payment pause through Aug. 31, 2022.

The pause includes the following relief measures for eligible loans:

  • a suspension of loan payments

  • a 0% interest rate

  • stopped collections on defaulted loans

Learn more at the Department of Education's Student Financial Aid website

Private Education Loans

Remember that interest rates and fees are generally lower for federal student loans than private student loans.

St. Edward's, in conjunction with Elm Resources, maintains information on a number of alternative loan programs offered through private banks and lending groups:

http://www.elmselect.com/

Because these are non-federal loans, each lender sets its own eligibility criteria, interest rates, processing fees, and repayment terms.  Generally, students must meet fairly high credit standards to qualify on their own, so many students will need a credit-worthy cosigner in order to qualify.  If approved, students can typically borrow up to their full cost of attendance minus any other aid the student is receiving for the period of attendance set to be covered by the loan.  Students will receive a finalized disclosure statement after their master promissory note has been signed confirming the terms and conditions of their loan from the lender.

Federal regulations require all private loan borrowers to review a series of disclosures and complete the applicant self-certification form. The student may obtain a copy of the self-certification form from the private educational loan lender or here.

Due to the required credit review, Student Financial Services cannot guarantee that all students who apply will qualify for loan funds.  Approval is determined by the lender. 

Please note that a lender's inclusion in this list is not meant as an endorsement by the university, nor is it meant to limit your selection of a private education loan.  These particular lenders have been included because:

  • they have a proven track-record of reliable customer service;
  • they offer competitive interest rates and repayment terms; and
  • they utilize electronic processing compatible with the university’s financial aid management system ensuring consistent and timely delivery of loan funds. 

However, the Office of Student Financial Services will certify an application for any private education loan regardless of whether the lender appears on this list or not.

Once you have decided upon a lender, please contact your Student Financial Services Advisor for information you'll need to provide as part of your application for the loan, including loan period, cost of attendance, and total amounts of other assistance.

St. Edward's University does not receive any form of payment or renumeration from lenders in exchange for inclusion on this list.