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Loans


Federal Direct Loan

  • There are two types of Federal Direct Loans: subsidized and unsubsidized. You must have financial need to receive a subsidized Federal Direct Loan. Financial need is not a requirement to obtain an unsubsidized Federal Direct Loan. For 2016-17, the interest rate on both types of loans is fixed at 3.76% for undergraduate students and the interest rate for graduate students who borrow an unsubsidized loan is fixed at 5.31%. The FAFSA needs to be submitted annually to determine eligibility for each type of Federal Direct Loan.
  • As of July 1, 2012, graduate students may only borrow unsubsidized loans.
  • Origination fee for all Federal Direct Subsidized and Unsubsidized Loans is 1.068%
  • Complete your Direct Loan MPN (Master Promissory Note) at StudentLoans.gov.

Federal Direct Loan Annual Limits
and Interest Rate

  Subsidized Total (Sub- and Unsubsidized Combined)
Dependent Undergraduates

First Year
Second Year
Third Year and Fourth Year
$3,500
$4,500
$5,500
$5,500
$6,500
$7,500
Independent Undergraduates
(and dependent undergraduates whose parents are unable to borrow under the Federal PLUS Program)


First Year
Second Year
Third Year and Fourth Year
$3,500
$4,500
$5,500
$9,500
$10,500
$12,500
Graduate Students
(and final year of Professional Study)

$20,500
 Fifth Year PharmD   $33,000
Sixth Year PharmD ONLY
All others *


$37,167
$20,500

*Only for summer enrollment otherwise entire loan is unsubsidized. 

Please note: The Combined Total includes the subsidized eligibility portion; therefore, if an independent undergraduate second year student is eligible for $10,500 total, s/he would be eligible for $6,000 unsubsidized. If a dependent undergraduate second year student was eligible for $6,500 total, s/he would be eligible for $2,000 unsubsidized.

The US government pays the interest on the subsidized Federal Direct Loan while the student is enrolled in at least 6 credits per semester (5 credits for graduate students). The interest on the unsubsidized Federal Direct Loan will accrue if it is not paid quarterly. The standard repayment term for both types of Federal Direct Loans is ten years.

First-time Federal Direct Loan borrowers must complete a Master Promissory Note (MPN), as well as Loan Entrance Counseling for the loan to be guaranteed and disbursed. MPNs and Entrance Counseling may be completed online at www.studentloans.gov. Be sure to indicate the USciences School Code of 003353. If you would like to complete the MPN and/or Loan Entrance Counseling on paper, please contact the Financial Aid Office for the necessary forms.

Students whose parents are rejected for a Federal PLUS Loan may be eligible for additional funds under the unsubsidized Direct Loan program. Students who meet the federal requirements for independency may also be eligible for additional funds under the unsubsidized Federal Direct Loan program. (See chart above.)

Federal Direct Parent Loan for Undergraduate Students (PLUS Loans)

  • The PLUS allows parents of dependent students to borrow funds to assist students in paying for their education. The PLUS has a fixed interest rate that is currently 6.31%. There is a 4.272% origination fee deducted from each disbursement of the Parent PLUS Loan. The maximum amount that parents may borrow is the cost of education minus any other financial aid (including loans) received. Students whose parents apply for a Parent PLUS Loan must complete a FAFSA.

    Parents may begin repayment 60 days after the loan is fully disbursed or request a deferment. The deferment will delay the payment of principal while the student is enrolled in school. Interest will continue to accrue during this time and can be paid or capitalized.

    Eligibility for this loan is determined by a credit check. Application and the required Master Promissory Note must be completed online at www.studentloans.gov. If parents are rejected for the Federal PLUS Loan for credit reasons, the student may be eligible for additional funds under the unsubsidized Federal Direct Loan program.

Federal Direct Graduate PLUS Loan (GPLUS)

  • Graduate or professional students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history.
    Repayment begins 60 days after the date of the last disbursement of the loan, at a fixed interest rate of 6.31%. The Graduate PLUS Loan has a 4.272% origination fee deducted from each disbursement of the loan. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). Students should borrow the maximum amount of Unsubsidized Direct Loan if needed before applying for a Grad PLUS loan. Each Graduate PLUS Loan borrower must complete a Master Promissory Note and Graduate Entrance Counseling online at www.studentloans.gov.

Federal Perkins Loan

  • The Federal Perkins Loan is a low-interest (5% fixed rate) federal loan awarded by the Financial Aid Office as part of a student's financial aid package. A Promissory Note must be completed each year by the student. No interest or principal payments are made until 9 months after a student graduates or drops below half-time status. This loan is awarded by the Financial Aid Office and eligibility is determined based on a combination of significant need as demonstrated on the FAFSA form and the availability of funds. Students are required to complete Loan Entrance Counseling before receiving funds. This Loan Counseling can be completed online at http://mappingyourfuture.org/OSLC.

Federal Health Professions Loan (HPL)

  • The Federal Health Professions Loan is a low-interest (5% fixed rate) federal loan for dependent pharmacy students. No interest or principal payments are due until one year after a student graduates or drops below half-time status. A Promissory Note must be completed each year by the student. This loan is awarded by the Financial Aid Office and eligibility is determined based on a combination of significant need as demonstrated on the FAFSA form and the availability of funds.

Federal Loan for Disadvantaged Students (LDS)

  • The Federal Loan for Disadvantaged Students is a low-interest (5% fixed rate) federal loan for dependent pharmacy students. No interest or principal payments are due until one year after a student graduates or drops below half-time status. A Promissory Note must be completed each year by the student. This loan is awarded by the Financial Aid Office and eligibility is determined based on a combination of exceptional need as demonstrated on the FAFSA form, specific parameters determined by the Department of Health and Human Services, and the availability of funds.

Alternative Loans

  • Alternative Loans are designed to assist students and their families who either are not eligible for federal grant and loan funding, or who need additional educational financing. Loan approval is generally based on creditworthiness and ability to repay. The primary borrower for alternative loans is the student; however, most dependent students will need a cosigner. The interest on most alternative loans accrues while the student is in school. However, it can be deferred until after graduation or when the student ceases to be enrolled at least half time. As with any loan, careful consideration should be made in determining amounts to be borrowed, as the loan must be repaid.
  • For information about other Alternative Loans, see our Private Educational Loan List, also found under Forms.
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