Federal Loan Options

Outside of graduate assistantships and scholarships offered by individual programs, most graduate students finance their education through federal loans. In order to apply for federal loans, applicants must complete the FAFSA (the Free Application for Federal Student Aid) and have the information sent to RWU. Completing the FAFSA is the only requirement in order to receive a financial aid package. Your federal loan options include:

Unsubsidized Federal Direct Loan Options

These loans offer eligible graduate students up to $20,500 annually in borrowing to help finance their education. While payments on the loan can be delayed (deferred) until after the student is no longer enrolled, the U.S. Department of Education does not subsidize the interest. The student borrower is responsible for all interest that accrues on the loan from the date of the first disbursement. The interest rate for this loan for the 2017/2018 year is 6% with a loan origination fee of 1.069%. Repayment begins six months after the student stops attending school on a half time basis.

Federal Graduate PLUS Loans

Federal Graduate PLUS Loans are available to graduate and professional students. The maximum a student can borrow is the defined total RWU cost of attendance minus any other financial aid the student is receiving. The U.S. Department of Education will run a credit check at the time of origination. Students must not have an adverse credit history. The interest rate for the 2017/2018 is 7% with a loan origination fee of 4.276%. 

Once you receive your award letter, you will have the opportunity to accept or decline these loans outright, or request a lesser borrowing amount.