Federal Loans

The Direct Loan Program for Graduate and Professional Students includes the Unsubsidized Stafford Loan and the Graduate PLUS Loan. When you complete a FAFSA, you will automatically be considered for all of the federal student loans for which you are eligible. The Office of Financial Aid will then further determine your eligibility amount(s) for the current academic year, and we will include any offer(s) in your Financial Aid Award Notification. You are required to actively accept or decline your federal financial aid award offer(s) on the myIIT portal.

The Office of Financial Aid recommends students borrow conservatively, and does not encourage students to borrow unnecessary federal student loan funds.

Federal Direct Unsubsidized Loan

  • Non credit-based loan
  • Not based on financial need
  • $20,500 maximum amount per academic year
  • $138,500 maximum lifetime limit 
  • 4.30% fixed interest rate as of July 1, 2020 through July 1, 2021, which begins to accrue once loan is disbursed
  • 1.059% loan origination fee deducted off the top of loans first disbursed on or after October 1, 2019 and before October 1, 2020
  • Repayment begins 6 months after you graduate or drop below half-time
  • Deferment and forbearance are available 
  • Variety of payment plans are available 

Click here for Unsubsidized Loan Requirements

Federal Direct Graduate PLUS Loan

  • Credit-based loan
  • Not based on financial need
  • No lifetime limit
  • Annual limit is Cost of Attendance minus any other financial aid
  • 5.30% fixed interest rate as of July 1, 2019 through July 2020 and starts to accrue once the loan is disbursed
  • 4.236% loan origination fee deducted off the top of loans first disbursed on or after October 1, 2019 and before October 1, 2020
  • Repayment starts immediately once you graduate or cease to be enrolled at least half-time. However, if you have also borrowed the Federal Direct Unsubsidized Loan, repayment is automatically aligned with the six month grace period, and starts once this expires
  • By accepting the loan, you are authorizing a credit check to be performed and the loan to be processed with Direct Loans
  • If your Graduate PLUS Loan is denied, you may appeal the credit decision or provide a co-signer to Direct Loans
  • Deferment and forbearance are available
  • Variety of payment plans are available 

Click here for Plus Loan Requirements