William D. Ford Federal Direct Unsubsidized Loan for graduate and professional students

Eligibility criteria:

  1. Enrolled at least half-time
  2. Not in default on another student loan
  3. U.S. citizen or eligible non-citizen
  4. Maintaining Satisfactory Academic Progress

Amounts and selection process

Annual loan amounts for Federal Direct Unsubsidized Loans cannot exceed the limits listed below. Cumulative loan amounts include any Subsidized or Unsubsidized Federal Direct loans received as either an undergraduate or graduate student towards the limit listed below.

Annual Loan Amounts  
Graduate $20,500
Dental student (first, second, or third year) $46,803
Dental student (fourth year) $40,500
Cumulative Federal Direct Loan Amounts(subsidized + unsubsidized for undergrad and grad studies)  
Graduate, Law, Health Professionals $138,500
Dental $224,000

Terms

For the 2020-21 academic year, the interest rate will be a fixed rate of 4.30 percent. Interest accrues while the student is in school. Students may choose to make quarterly interest payments or have the interest deferred and capitalized prior to repayment. A net 1.059 percent processing fee is deducted from the loan proceeds when the funds are disbursed. For loans in which the first disbursement is on or after October 1, 2020, the origination fee will be 1.057 percent.

Repayment begins six months after the last date of half-time enrollment.

Application process

  1. File the Free Application for Federal Student Aid (FAFSA).
  2. Eligible students will be notified to accept the Federal Direct Loan on CheckMarq.
  3. Federal regulations require first time borrowers to complete entrance counseling and a Master Promissory Note (MPN) prior to disbursement of funds.

Renewal process

Renewed only if all necessary forms are filed each year and students continue to meet eligibility requirements. Students will be required to complete entrance counseling and a MPN if these requirements were not previously completed at Marquette.