Federal Direct Stafford Loans and Federal Graduate PLUS Loans
Federal Direct Stafford Loan
The Federal Direct Stafford Loan is a U.S. government educational loan that provides students who are eligible U.S. citizens and permanent residents up to $20,500 for each period of two consecutive semesters enrolled in Willamette's Professional MBA program.
- Example: A Willamette MBA for Professionals student who enrolls in the fall semester cohort and completes the degree in six semesters as outlined for the cohort, would be eligible for $20,500 in Stafford Loans for each of the three periods of two consecutive semesters of enrollment in the MBA for Professionals program: fall/spring; summer/fall; spring/summer.
Interested students must submit the Free Application for Federal Student Aid. The FAFSA is available on line at www.fafsa.ed.gov.
The interest rate for 2014-15 for graduate student Stafford Loans is 6.21%. Repayment begins six months after graduation or six months after a student drops below half-time status. The standard repayment period is 10 years. The repayment period can be extended to 20 or 30 years. Stafford Loans are eligible for loan consolidation. Federal Direct Stafford loans are eligible for the following special repayment benefit programs: Income Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF).
Federal Direct Graduate PLUS Loan
The Federal Direct Graduate Plus Loan is a U.S. government educational loan program that provides eligible U.S. citizens and U.S. permanent residents funding in addition to the Stafford loan. In fact, combining the Stafford and PLUS Loans allows students to borrow up to the estimated full cost of graduate school attendance (estimated budget of educational, living and personal expenses minus other financial assistance).
Interested students must submit the Free Application for Federal Student Aid (www.fafsa.ed.gov).
The Graduate Plus Loan is a credit-based loan. The repayment term is 10 years. The interest rate for the 2014-15 academic year is 7.21 per cent. Federal Direct Graduate Plus loans are eligible for the following special repayment benefit programs: Income Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF).