A Direct Unsubsidized Stafford Loan is a student loan in the student’s name for educational purposes. The loan funds come from the government. Loan repayment is deferred while the student is enrolled in school at least half-time and during the 6-month grace period after the student either graduates or drops below half-time. When the grace period is finished, the student starts repayment on the loan.
An unsubsidized loan is not awarded based on financial need. The student will be charged interest on the loan from the time it disburses until it is paid in full. The student has two options: to defer interest payments until graduation in which case the interest will be accruing or to pay the interest while in school and not have it accrue.
How much can the student borrow in Direct Unsubsidized Loans?
Masters and PhD students will be able to borrow a maximum of $20,500.
PsyD students are eligible for a maximum of $33,000 for 9 months and $37,167 for 12 months.
What is the interest rate and are there fees?
Direct Unsubsidized Loans for graduate students are fixed at a 6.079% for loans first disbursed on or after July 1, 2019 and before July 1, 2020. There is an origination fee of 1.059% for loans first disbursed on or after 10/1/19 and before 10/1/20. The origination fee is deducted at the time of each disbursement.
Applying for a Direct Unsubsidized Stafford Loan
- Complete the FAFSA.
- Complete any documents requested by Student Financial Services.
- The student must accept loans online on the Wheaton Portal --This gives Student Financial Services permission to transmit information to the Department of Education.
- First-time borrowers must complete Loan Entrance Counseling at www.studentloans.gov.
- First-time borrowers must complete a master promissory note (MPN) at www.studentloans.gov.
Where do I go for entrance counseling and to sign the MPN?
Students can manage their loans, including completing loan counseling and e-signing their master promissory note, at www.studentloans.gov, the Department of Education website for student loan management (beware--there is also a studentloans.com site which is NOT the government site).
You will need to use your FSA ID to access the site and to sign the MPN. If you do not have an FSA ID, you may obtain one at the FSA ID web site.
IMPORTANT: On the website, there is important information about browser requirements under "What You Need". If you do not have a compatible browser, various features will not work.
Entrance and Exit Counseling
Fulfill your Stafford Loan Counseling Requirement by completing this online Entrance Interview
Fulfill your Stafford Loan Counseling Requirement by completing this online Exit Interview