Graduate Loan Programs
What type of Loans are you looking for?
Unsubsidized Federal Direct Loans
In 2012 the Federal Government has passed legislation that ended the subsidized Stafford Direct loan for Graduate students.
Most Gonzaga students borrow directly from the Department of Education under the Federal Direct Loan Program. Your Federal Direct Loans can be managed at www.studentloans.gov. Eligibility for the unsubsidized Stafford is not contingent upon financial need; thus, the borrower is responsible for interest that accrues on the loan while in school. To qualify for the loan, the FAFSA must be renewed each year.
Students are eligible to borrow $20,500 through the academic year (September-August). If a student borrows up to the $20,500 limit during the Fall and Spring semesters, they will not be eligible for the Federal Direct Loan options during the summer term. In this scenario, the only loans available to students would be through a Graduate PLUS loan or an alternative loan through a bank or credit union.
- DISBURSEMENT:: The total amount of the Stafford Loan is disbursed in two increments within the academic year for on-campus students: one half at the beginning of the Fall term, and one half at the beginning of the Spring term. For online student and for some specific on-campus programs, the loan amount will be set to disburse in three disbursements: Fall, spring and summer terms. If a student will not be attending during the summer, that disbursement will be canceled.
- INTEREST: 5.84% (for loans disbursed after July 1, 2015)
- FEES: Up to 1.073% of the total amount of a Stafford Direct Loan is assessed in loan fees and is retained by the lending institution.
- REPAYMENT: Loan repayment begins six months after the student graduates or ceases to be enrolled at least half-time. There are several repayment plan options available to you.
- AGGREGATE LIMIT: Graduate student lifetime limit for the direct loan program is $138,500.
All students borrowing a Direct Loan program must sign a Master Promissory Note (MPN) through the Direct Loan program, and complete entrance counseling. These steps are required once during your time at Gonzaga. The MPN and entrance counseling can be completed online at www.StudentLoans.gov. You will need your FAFSA PIN to log into the site.
Students leaving Gonzaga will be required to complete Exit Counseling on the loans they receive while attending Gonzaga. This can be done online at www.NSLDS.ed.gov.
The Federal Graduate PLUS Loan Program allows graduate students to borrow long-term, low-interest funds to help meet education expenses. Students must show an absence of negative credit history to qualify for this loan. The maximum PLUS loan amount is calculated by subtracting the total aid awarded to the student from the cost of attendance. To request the PLUS loan, please visit www.StudentLoans.gov.
- INTEREST: Fixed at 6.84% (for loans disbursed after July 1, 2015; otherwise, 7.21%).
- FEES: Up to 4.272% of the total amount of a PLUS Loan is assessed in loan fees and is retained by the lending institution (for loans disbursed after Oct. 1, 2015; otherwise 4.292%).
- REPAYMENT: Each PLUS loan is treated separately and repayment will begin within 60 days after all funds are disbursed each year.
Numerous banks offer private educational loan programs to further assist students with college expenses. All private educational loan programs are based on creditworthiness. These loans may require a credit-worthy cosigner for approval of loans.
To help you with a private lender search, Gonzaga has compiled a comprehensive list of lenders. Each of these lenders has disbursed at least one private loan to Gonzaga University students within the last three academic years. You may select ANY lender you wish (whether it is on the list or not) without penalty. Please contact Gonzaga with any questions you may have about federal or private loan processes.
Your lender may offer a type of private educational loan through their website that does not require school certification. Borrowing this type of private educational loan may have a serious negative impact on your existing financial aid package. Please contact your financial aid counselor before borrowing one of these loans.
Alaska Advantage 800-441-2962 Bank of North Dakota 800-472-2166 x5660 Bellco Credit Union 877-223-9535 Charter One/Citizen's Bank 800-721-3969 Christian Community Credit Union 866-464-9193 Citizens Equity First (CEFCU) 800-542-3328 CU Student Loans 866-639-9339 x5 Denver Community Credit Union 877-639-7871 Discover 877-728-3030 Eli Lily Federal Credit Union 317-524-5168 Farmers Insurance Group FCU 877-523-0876 First Tech Credit Union 800-236-7991 GESA Credit Union 877-308-7638 Hawaii USA Federal Credit Union 800-379-1300 Missoula Federal Credit Union 406-523-3300 New Jersey HESAA 800-792-8670 Northern Federal Credit Union 877-281-8323 Rivermark Community Credit Union 866-686-6854 Sallie Mae 888-272-5543 San Francisco Fire Credit Union 866-825-6583 San Mateo Credit Union 877-229-8354 SECU 800-879-7328 Star One Credit Union 800-734-4540 Sun Trust 866-763-6351 Union Federal Savings Bank 866-513-8445 Wells Fargo 800-658-3567