Need-Based Grant
The Office of Student Finance administers the need base grant program. These funds are limited; preference is given to students with prior Pell grant eligibility and household income below 70k. No special application is required; students who apply for Federal aid will be considered for these funds.
Einstein Institutional Loan - (Private)
The Einstein Loan is awarded to students based on need. It is subsidized while enrolled full-time and up to 4 years after graduation. Graduates are eligible to postpone their loan payments for up to 4 years after graduation, provided they are in training. After which, the loan is payable monthly over a 10-year term.
B.H. Homan Trust Loan – (Private)
The B.H. Homan Trust loan is a type of subsidized student loan that is specifically designed to provide financial assistance to students who demonstrate exceptional financial need. Upon graduation, students who receive this loan are granted an additional benefit in the form of a three-year grace period during which they are not required to make any loan payments, and no interest accrues on the loan balance. However, following the conclusion of the three-year grace period, the repayment and interest (4%) accrual begins. Graduates are then required to repay the loan in quarterly installments over a 10-year term.
Federal Loans
Direct Unsubsidized Federal Stafford
The Direct Unsubsidized Federal Stafford Loan is a type of student loan offered by the U.S. Department of Education to eligible students to help cover the cost of higher education. Unlike subsidized loans, interest on unsubsidized loans begins accruing when the loan is disbursed. Additionally, a loan fee is associated with Direct Unsubsidized Loans, which is a percentage of the loan amount and proportionately deducted from each loan disbursement. The specific percentage of the loan fee may vary depending on when the loan is first disbursed. In addition, borrowers of unsubsidized federal loans can take advantage of federal benefits such as income-driven repayment plans and the Public Service Loan Forgiveness program.
| Loan Type |
Interest Rates |
Fee |
Maximum |
Repayments |
| FEDERAL UNSUBSIDIZED STAFFORD LOAN |
Loan rates are fixed each July 1. Current rates for 2022-23 are: 6.54%
* 2023-24 Interest Rate TBD |
1.057% |
$47,167 per year |
Payments can be deferred during enrollment; however, the student is responsible for interest which accrues throughout the life of the loan. |
Grad PLUS Loan
The Grad PLUS loan, is a federal student loan program available to graduate and professional students to help finance their education. One of the key features of the Grad PLUS loan is that it allows eligible students to borrow up to the full cost of attendance minus any other financial aid received. Students can use the loan to cover tuition, fees, housing, books, and other education-related expenses. Approval for Grad PLUS loans is based on the borrower's credit history, and applicants with adverse credit may be required to meet additional criteria or obtain an endorser.
Additionally, there is a loan origination fee associated with Grad PLUS loans, which is currently set at 4.228% of the loan amount. This fee is deducted from each loan disbursement, reducing the net amount received by the borrower. Grad PLUS loans are eligible for income driven repayment plans and Public Service Loan Forgiveness.
| Loan Type |
Interest Rates |
Fee |
Maximum |
Repayments |
| FEDERAL GradPLUS LOAN |
For loans disbursed during the 2022-23 year, the interest rate is fixed at 7.54%.
* 2023-24 Interest Rate TBD |
4.228% |
Up to budget after other aid, if or as needed. |
Payments can be deferred during period of enrollment; however, student is responsible for interest which accrues throughout life of the loan. |