This federal loan is available to students who do not qualify on the basis of need. Students are charged interest from the time the loan is disbursed until it is paid in full. The interest rate is set annually. If students choose to let the interest accrue while in school or during other periods of nonpayment, it will be capitalized, meaning that the interest will be added to the principle of the loan. Repayment begins six months after student borrowers are no longer enrolled at least half-time. 

This is an unsubsidized federal loan program for graduate students. Students may borrow up to the cost of education, less other financial aid received. The interest rate is set annually. 

Students may borrow up to the cost of education less financial aid received annually. AIC does not endorse any particular alternative lender. Any alternative loan that students choose should be based solely on students’ research and opinions. Alternative loans/private loans are different from federal direct loans, are not guaranteed by the government, involve a credit check, and may require a creditworthy cosigner. AIC recommends that alternative loans be used as a last resort for financial aid. 

There are literally thousands of private scholarships and grants available. We recommend checking with your employer, researching local scholarships, and looking into foundations dedicated to student scholarships, such as the Community Foundation of Western Massachusetts.