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Federal Direct Loan Program

Federal Direct Loans

Federal Direct Loans for graduate students are non-need based Unsubsidized Loans. Students must enroll in a minimum of 6 credits per term in a degree-granting program (residential or online) to be eligible for a Federal Direct Unsubsidized Loan. The 2021-2022 academic year loan has a fixed interest rate of 5.284%; the interest rate for 2022-2023 will be set in July 2022. Loans with a first disbursement date prior to October 1, 2022 have a 1.057% origination fee. The U.S. Department of Education deducts the origination fee from the total loan amount that is disbursed to the school. Additional information regarding interest rates and fees can be found here. Interest accrues on Direct Loans starting from the day of disbursement to the school. The maximum loan amount is $20,500, which is split evenly between fall and spring terms. The program is administered by the HGSE Financial Aid Office, the U.S. Department of Education is the holder of the loan, and a loan servicer is assigned to manage your loan account and repayment.

Students must complete entrance counseling and an electronic loan agreement/promissory note prior to the loan being disbursed. The HGSE Financial Aid Office will notify students when it is time to complete these requirements.

Federal Loan Forgiveness & Cancelation Programs

Federal Perkins Loans and Federal Direct Loan borrowers may qualify for various types of loan forgiveness and/or cancelation programs for working in high need teaching areas and public service jobs. The following resources provide information on the programs offered by the Federal Government, but borrowers should also be aware that these programs may also exist at the state, local or employer levels.

Additional Federal Loan Information & Resources