William D. Ford Federal Direct Loan Programs

Eligible students filing the FAFSA will be considered for the William D. Ford Federal Direct Stafford Loan Programs. Upon verification of eligibility, completion of a Master Promissory Note, and Entrance Counseling (if a first time borrower at Miami), the loan funds will be credited to the student's Bursar account in accordance with Miami’s disbursement schedule.

Need is not a factor in determining eligibility for a Federal Direct Stafford Unsubsidized Loan. With a Federal Direct Stafford Unsubsidized Loan, interest begins to accumulate on the day the loan is disbursed to a student's account and continues until the loan is paid in full. Repayment of the interest is deferred while a student is in school and attending at least 5 graduate credit hours per semester. Graduate students may borrow up to $20,500 in unsubsidized loans per academic year.

The maximum total debt aggregate limit for a graduate student is $138,500 (including undergraduate study and only $65,500 may be in subsidized loans). For the 2013-2014 academic year, the interest rate for an unsubsidized loan is fixed at 6.8%.

To be eligible for the Federal Direct Graduate PLUS Loan, you must be enrolled at least half-time (5 graduate credit hours per semester) in a Master's degree or professional program and meet all general eligibility requirements for Federal Student Aid. In addition, you must not have an adverse credit history (a credit check will be done). Interest begins to accumulate on the day the loan is fully disbursed to a student's account and continues until the loan is paid in full. While you are enrolled in school, you will automatically be placed in an in-school deferment status that allows postponement of payment on the Graduate PLUS loan until you graduate or drop below 5 graduate credit hours. There are no set annual or aggregate limits on the PLUS loan amount. However, you may only borrow up to your cost of attendance (COA) minus any other financial aid you receive. For the 2013-2014 academic year, the interest rate for the PLUS loan is fixed at 7.9%.

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