While there are many other avenues for financial aid as an undergraduate, such as grants and scholarships, the main source of funding for graduate school is through loans. There are two different types of federal loans that you have access to through your FAFSA and financial aid award, Stafford loans and Graduate PLUS loans. Both of these are “direct loans” from the federal government, low-interest loans available to eligible students to help pay for the cost of their college education. In either case the lender is the U.S. Department of Education, although your loan servicer, the entity you deal with, can be a private business.
- Stafford Loans are available to graduate and professional studies students up to the amount of $20,500 each year. These loans are unsubsidized, meaning they will be accruing interest during your time in school.
- Graduate PLUS loans are also unsubsidized loans for graduate and professional studies students, and can help to cover college costs not addressed by other financial aid. The amount a student may borrow cannot exceed the cost of attendance minus other aid awarded to the student. A credit check is required for a PLUS loan.
- In addition to federal direct loans, students also have access to private or alternative loans from private lenders.
- Students enrolled in the BS in Managing Information Systems, a bachelor’s completion program offered at the Marlboro College Center for Graduate and Professional Studies, are eligible for distinct federal loans not offered to graduate students. These include an undergraduate Stafford Loan and a Parent PLUS loan as well as financial aid options open to other undergraduates.
If you have any questions about loans, contact the financial aid office at (802) 258-9312 or firstname.lastname@example.org.