Graduate Education Loans
A loan is a type of financial aid that must be repaid. Students must complete an application and sign a promissory note (a legal obligation to repay) before the loan is disbursed. In addition, you may be required to participate in loan counseling prior to receiving your loan funds (Entrance Counseling), and again when you graduate or withdraw from Silver Lake College (Exit Counseling).
Students interested in loans must first file a Free Application for Federal Student Aid (FAFSA) to have eligibility determined. Your Silver Lake College Financial Aid Award letter will list your loan eligibility.
To apply for the loan eligibility listed on your Financial Aid Award Letter, you must complete an on-line Loan Request and a Master Promissory Note (MPN).
A processing fee will be deducted from each loan disbursement. The net loan amount will be directly credited to your Student Account.
For Federal Direct Loan information on current interest rates, required fees, and sample repayment charts, click here or go to Federal Direct Student Loan Servicing.
Federal Direct Stafford Loans
Silver Lake College students enrolled at least half time in an eligible program may receive Federal Stafford Loans. Payment on the principal balance of the loan is deferred as long as the student is enrolled at least half time.
Subsidized Stafford Loans are available to students with demonstrated financial need. Payment on principal and interest are deferred as long as the student is enrolled at least half time.
Graduate Loan Limits
- Each academic year$8,500
Unsubsidized Stafford Loans are awarded to students not eligible for the subsidized loan, and to independent students in addition to subsidized eligibility. Unsubsidized Stafford Loan limits are calculated in combination with any Subsidized Stafford Loan amounts. Interest accrues to the student while in school but may be deferred and capitalized prior to entering repayment.
Graduate Combined Stafford Loan Limits
- Each academic year$20,500
Cumulative Maximums
Graduate students may borrow up to $138,500, including their undergraduate Stafford Loans. Up to $65,500 may be subsidized.
Federal Direct GradPLUS Loans
Silver Lake College students enrolled at least half time in an eligible graduate program may choose to access additional funds through a Federal GradPLUS Student Loan. Repayment of principal and interest begins 60 days after the loan is fully disbursed.
The maximum GradPLUS Loan amount in a given academic year is the difference between the total cost of attendance and any other financial aid awarded to the students. A credit check will be done prior to loan approval.
Non-Federal (Alternative) Loan Programs
In addition to the federal loan programs, various private lenders offer education loans that may supplement other financial aid or assist students who are not eligible for federal loans. These include loans to students with and without co-signers. For more information on alternative loans, click here.
