Federal Direct Loans for Graduate Students
As a graduate student, you may borrow through the Federal Direct Unsubsidized Loan program only. Interest on an Unsubsidized Loan does accrue while you are in school, but you can choose to defer the interest and payments while in school. If you choose to defer your interest while in school, the accrued interest will be capitalized once at the beginning of your repayment of the loan and become part of your principle loan amount.
A Master Promissory Note (MPN) must be signed and on file with the
New students must complete the following for the Direct Loan process (you will need your FAFSA PIN number to complete these items):
All students who have borrowed a Federal Stafford Loan (through a bank or through the Direct Loan Program) and have completed their degree or have chosen not to return to
The exit counseling session includes information about repayment options, deferments, and your rights and responsibilities for your student loan. You should allow 20-25 minutes to complete the Exit Counseling process. To complete the counseling session, go to www.studentloans.gov and click the Entrance Counseling link. You will need your federal PIN number to complete the process.
Federal Direct PLUS Loan for Graduate Students
Graduate PLUS is a federal student loan designed for graduate students who have reached their annual maximum for the Federal Direct Subsidized and Unsubsidized Loans. Interest for loans first disbursed after July 1, 2015 will be 6.84%.
To be eligible to receive a Grad PLUS loan the borrower must:
How can I get additional information on other private loans?
Many lenders offer private loans. While
To review and compare some private loan products and begin the application process, please visit Great Lakes FAST Choice webpage. To begin the process, please click here.
Student Loan Calculators
This Loan Payment Calculator will estimate your monthly loan payments and the annual salary required to manage them. The Cost of Interest Capitalization provides calculations for interest capitalization on unsubsidized Stafford loans.
TEACH Grant Program Summary
Teaching Education Assistance for College and Higher Education (TEACH) Grant program provides grants up to $4,000 per academic year with an undergraduate maximum of $16,000 and a graduate maximum of $8,000 to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.
To receive a TEACH Grant you must meet the following criteria:
In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field (bilingual education, English Language acquisition, foreign language, mathematics, reading specialist, science, special education) in a public or private elementary or secondary school that serves low-income students. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized
TEACH Grant Initial and Subsequent Counseling will explain the TEACH Grant Program and the TEACH Grant service obligation you agree to meet as a condition for receiving a TEACH Grant. You must complete TEACH Grant counseling each year that you receive a TEACH Grant before you sign an Agreement to Serve (ATS) for that year. The counseling session consists of a TEACH Grant Overview and three additional sections that cover the following topics in detail:
We estimate that it will take 45 minutes to complete the TEACH Grant counseling and 30 minutes to complete your ATS. Once you complete your TEACH Grant counseling, you may immediately complete your ATS or logout and complete the ATS at a later time. You can begin the TEACH Grant counseling at https://teach-ats.ed.gov.
Canceling Your TEACH Grant
If you decide that you don’t want a TEACH Grant (or if you want to receive less than the full amount for which you are eligible), you can cancel all or part of your TEACH Grant by notifying your school by the later of:
· 14 days after the date the school notifies you of your right to cancel all or part of the TEACH Grant
· The first day of the school’s payment period
If you notify your school within the timeframe described above, your school is required to return the TEACH Grant funds to the Department.
If you notify your school outside the timeframe described above, but within 120 days of the TEACH Grant disbursement date, your school may return the TEACH Grant funds to the Department, but isn’t required to do so.
Any TEACH Grant Funds that your school returns to the Department based on your request will not be converted to a Direct Unsubsidized Loan.
Converting Your TEACH Grant to a Direct Unsubsidized Loan
At any time, you can ask the Department’s
· Once a TEACH Grant has been converted to a Direct Unsubsidized Loan, it can’t be converted back to a grant.
· Any TEACH Grant that is converted to a Direct Unsubsidized Loan won’t count toward the annual or aggregate loan limits that apply to other federal student loans you’ve received or may received in the future to help pay for your education.
Direct Loan Servicing Center
· Periodically communicate with you regarding your TEACH Grant(s) while you’re completing your program of study and after you’re no longer enrolled.
· Track your progress in meeting the requirements of your TEACH Grant service obligation.
· Service and collect your Direct Unsubsidized Loan, if a TEACH Grant you received is converted to a loan
Contacting the Direct Loan Servicing Center
TEACH Grant Program
Toll Free: 1-800-848-0979
Agreement to Serve (ATS)
For each TEACH Grant you receive, the Department will send you a disclosure statement that provides important information about the TEACH Grant funds the school you are attending plans to disburse (pay out) to you.
Your disclosure statement will provide the following information:
· Award Amount – This is the total amount of TEACH Grant funds that the school you are attending plans to disburse.
· Disbursement Dates and Amounts – These are the dates and amounts of each TEACH Grant disbursement that your school plans to make. Your school will disburse your TEACH Grant in more than one installment, by crediting your account, paying you directly, or both.
You school and the Department’s
Be sure to keep you disclosure statement and all other correspondence related to your TEACH Grant.
Highly Qualified Teacher
To be deemed a highly qualified, teachers must have:
o Bachelor’s degree
o Full state certification or licensure
o Prove that they know each subject they teach
Teaching in a High-Need Field
You can search the Department’s Nationwide List of designated teacher subject shortage areas at www.ed.gov/about/offices/list/ope/pol/tsa.pdf.
· In order to satisfy your TEACH Grant service obligation by teaching in another high-need field listed in the Department’s Nationwide List, (that is, in a field other than mathematics, science, foreign language, bilingual education, English language acquisition, special education, or reading specialist), that field must be on the list for the state in which you begin teaching at the time you begin teaching in that field.
o This means that if a field is on the Nationwide List for the state where you plan to teach at the time you’re completing the academic program for which you receive a TEACH Grant, but is no longer on the list when you begin teaching, you wouldn’t be able to meet your service obligation by teaching in that field.
· If you begin qualifying teaching service in a high-need field that is on the Nationwide List, but in subsequent school years of teaching that high-need field is no longer listed, your subsequent years of teaching in that field will continue to qualify for purposes of satisfying your service obligation.
Documenting Your TEACH Service Obligation
Unless you’ve received a temporary suspension of the 8-year period for completing your service obligation, or your service obligation has been discharged, you must keep the
Within 120 days after you’re no longer enrolled in the program for which you received a TEACH Grant, you must notify the
o Are employed as a full-time teacher in accordance with the terms and conditions of the TEACH Grant Program,
o Aren’t yet employed as a full-time teacher, but you still intend to meet the terms and conditions of your service obligation.