Federal Loans
The U.S Department of Education offers two federal loan programs to Graduate students : Direct Unsubsidized loan program and Grad PLUS loan (credit approval required).
Borrower must be an U.S Citizen or be an eligible non-Citizen to apply for federal loan options. International non-eligible students: Please see our International Students page.
Loans are aid that will need to be repaid, with interest, after you graduate or leave college. Most student loans are Direct Loans.
Undergraduate students may be considered for both Direct Subsidized and Direct Unsubsidized loans.
All Ross Undergraduate student aid is processed by the main campus University of Michigan Office of Financial Aid. Undergraduates you may view loan information on the main campus financial aid website or discuss their loan options by contacting Office of Financial Aid at 734-763-6600 or financial.aid@umich.edu. The information below is detailed for Graduate students only.
Federal Direct Loans
Note: Federal loan interest rates adjust each July and origination fees adjust October each year.
Federal Direct (Stafford) Loan - Unsubsidized -for Graduates
Step by Step Instructions on How to Apply for Unsubsidized Loan (PDF)
| Eligibility Criteria | Loan Terms | Additional Information/Requirements |
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Non-need-based |
Maximum borrowing amount $10,250 per semester |
Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments. No penalty for early pay off. |
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Student must be enrolled at least half-time in a degree program |
4.30% fixed interest rate for graduate students effective July 1, 2020. Rates changes each 1 st of July |
Typical repayment period is 10 years (other repayment options available). |
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Borrower must be a U.S. citizen or eligible non-citizen |
1.059% loan origination fee, for loans originated on or after October 1, 2019. Loan originated on or after October 1, 2020 will be subject to 1.057% origination fee. Origination fee changes each 1st of October |
More information is available from the U.S. Department of Education |
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Interest accrues immediately; paid periodically or capitalized |
Can be consolidated with other federal loans |
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Principal repayment deferred while enrolled at least half-time |
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Federal Direct Loan - Graduate PLUS
Step by Step Instructions on How to Apply for Grad PLUS Loan (PDF)
| Eligibility Criteria | Loan Terms | Additional Information/Requirements |
|
Credit check approval process |
Students may borrow up to the cost of attendance minus other financial assistance |
Borrower must complete the Free Application for Federal Student Aid (FAFSA) |
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Non-need-based |
5.30% variable-fixed interest rate effective July 1, 2020. Rates changes each 1 st of July |
Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments. No penalty for early pay off. |
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The graduate student is the borrower |
4.236% loan origination fee, for loans originated on or after October 1, 2019. Loan originated on or after October 1, 2020 will be subject to 4.248% origination fee. Origination fee changes each 1st of October
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Typical repayment period is 10 years (other repayment options available). |
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Student must be enrolled at least half-time in a graduate-level program |
Interest accrues immediately; paid periodically or capitalized |
More information is available from the U.S. Department of Education |
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Borrower must be a U.S. citizen or eligible non-citizen |
Loan is deferred while you are enrolled at least half-time and for an additional six months after you are no longer enrolled at least half-time. Interest accrues during deferment; you may pay accrued interests or allow it to capitalize when deferment ends. Details at the U.S.Dept. of Education |
Can be consolidated with other federal loans |
Estimating Grad PLUS Loan Eligibility
Wolverine Access > Campus Finances > Financial Planning Calculator > Calculate Private/PLUS Loan Eligibility
Select Calculate Private/PLUS Loan Eligibility to see how much you would be able to borrow through a private loan program or through the federal PLUS Loan program. (This calculator is not available for the spring and/or summer terms.)
The Ross School of Business Office of Financial Aid is a satellite office of the University of Michigan Office of Financial Aid. Disclaimer.