Interest Rates and Fees / Borrowing Limits
The interest rate on Federal Stafford Loans is set by the federal government, and is dependent upon the type of loan and when it was (or will be) first disbursed for the loan period.
Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is proportionately deducted from each loan disbursement you receive. The money you receive will be less than the amount you actually borrow
Federal loans are a form of financial aid that must be paid back with interest. Federal loans are considered financial aid because they are guaranteed and/or regulated by the federal government. Graduate and professional students at FSU may be eligible to receive Federal Unsubsidized Stafford Loans and/or Federal Direct Graduate PLUS Loans
Please view here for more information on eligibility requirements and the general process of applying for a loan
Federal Direct Stafford Loans
Effective for enrollment periods beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Federal Subsidized Stafford Loans, and are only eligible for Federal Unsubsidized Stafford Loans.
The Federal Unsubsidized Stafford Loan is not need-based. Interest on the Federal Unsubsidized Stafford Loan is charged to the student from the date of disbursement but the payment on the principal amount does not start until the student graduates, or drops below half-time enrollment (6 credit hours) for more than 6 months. You can choose to pay the interest while you are enrolled, or it can be accrued to the part of the principal of the loan that you owe
The amount of loan that a student qualifies for is determined based on:
- The school's cost of attendance
- The amount of other financial aid that the student is receiving (i.e. waivers)
- Total Stafford borrowing level to date (aggregate limits apply)
Federal Direct Graduate PLUS Loans
Graduate PLUS loans are federal loans that graduate or professional degree students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in The William D. Ford Federal Direct Loan Program. You can choose to pay the interest while you are enrolled halftime or it can be accrued and added to the part of the principal of the loan that you owe. You begin repayment six months after you graduate or stop attending at least half-time
The Application Process:
- Complete your FAFSA
- PLUS application for Graduate/Professional Students
- Complete Loan Entrance Counseling
- Complete a Master Promissory Note online
- The borrower must not have an adverse credit history
- The maximum loan amount is the student's cost of attendance (determined by the school) minus any other financial aid received (Grants, Scholarships, and Waivers)
- If you are changing grade level in between an academic year (Senior to Graduate), please update current FAFSA student status
Federal Loan Interest Rates
More information about Federal Loan Interest Rates can be found here
| Loan Type | Borrower Type | Fixed Interest Rate |
|---|---|---|
| Direct Subsidized Loans and Direct Unsubsidized Loans | Undergraduate | 5.50% |
| Direct Unsubsidized Loans | Graduate or Professional | 7.05% |
| Direct Graduate PLUS Loans | Graduate or Professional Students | 8.05% |
LAST UPDATED 11/15/2023