Additional Unsubsidized Loan
Program Details
Only awarded to the following independent students:
- Doctor of Pharmacy; Doctor of Clinical Psychology:
- $12,500-9 mo. period
- $16,667-12 mo. period
- Doctor of Allopathic Medicine, Osteopathic Medicine, Dentistry and Optometry:
- $20,000-9 mo. period
- $26,667-12 mo. period
Eligibility
- Complete FAFSA
- Financial need is not a requirement
- Must be enrolled at least half-time
- Must complete a Direct Loan Master Promissory Note and Entrance Counseling prior to first disbursement.
- Exit Interview required after student drops below half time.
Interest Rates
- Fixed interest rate of 7.05 percent for loans first disbursed on or after July 1, 2023, and before July 1, 2024
- Fixed interest rate of 6.54 percent for loans first disbursed on or after July 1, 2022, and before July 1, 2023
Loan Fees
| First Disbursement Date | Loan Fee |
|---|---|
| On or after Oct. 1, 2023, and before Oct. 1, 2024 | 1.057 percent |
| On or after Oct. 1, 2022, and before Oct. 1, 2023 | 1.057 percent |
Master Promissory Note
Once the Federal Direct Loan has been awarded and guaranteed, the Department of Education will send you a notification to complete the MPN. Loan funds will not be disbursed until the borrower completes the MPN.
You are only required to complete an MPN one time as it can be used for up to 10 years of borrowing for educational expenses. A new MPN must be signed if you cease enrollment for one full academic year or if your MPN has expired after 10 years. Each academic year, all students using the MPN will be notified of their loan eligibility.
Annual/Aggregate Loan Limits
- Maximum loan limits: Unsubsidized loan limits plus additional loan amounts.
Repayment
Student does not have to pay the principal if enrolled at least half-time, but will be charged interest. Student can defer interest but it will be capitalized (added to principal loan balance) later.