Paying for Your Master’s Degree
Degree-seeking graduate students enrolled in a master’s program can receive $20,500 in Federal Direct Unsubsidized Loan funds for each academic year. In addition, students may also apply for Federal Direct Graduate Plus Loans and private loans if needed.
Loras offers scholarships to new, incoming graduate students. Each master’s degree program awards one $2000 scholarship for each program term.
Get in Touch
Office of Financial Planning
financial.planning@loras.edu
563.588.7136
Types of Loans
Receive $20,500 in federal unsubsidized funds for each academic year.
Borrow the difference between the cost of attendance and all aid and assistance received.
Non-federal loans issued by private lenders for costs not covered by savings, income, or federal student loans.
Other Things to Consider
Deferment of Undergraduate Loans
If you have outstanding loans from your undergraduate education, you may be able to defer payment on those loans while enrolled in a degree-seeking master’s program. Deferment options are generally available to students who are enrolled at least 3 credits or more per semester in a graduate program.
If deferment is a requirement for you to be able to afford to enroll, we advise you to connect with our Office of Financial Planning or your loan service providers to make sure you know exactly how deferment applies to your previous loans.
Employer Tuition Assistance
Your company or employer may assist in your educational pursuits. Consult with your human resources department to see what educational benefits they have.
We work with employers interested in providing their employees educational benefits while saving costs through tuition reimbursement.
Federal Direct Loans
Finance your Loras graduate degree with federal student aid. To qualify, file the FAFSA annually and enroll in at least 3 credits per term. Federal loans will then be offered as part of your financial aid package. Loras’ school code for the FAFSA is 001873.
Federal Direct Unsubsidized Loan
If you are enrolled in a master’s program, you are eligible to receive $20,500 in federal unsubsidized funds for each academic year. These loans are available to graduate students with no requirement to demonstrate financial need. To obtain a loan, you must complete the FAFSA each year. The loan will disburse to Loras and cover the cost of the term(s). You may choose to accept all or just part of the loan.
By default, Loras will split the $20,500 amount equally across terms. For financial aid purposes, the Loras academic year runs from summer-spring (ie: summer 2023 through spring 2024). Please be sure to complete the correct FAFSA for the term(s) you wish to receive loans. For example, students beginning a graduate program in summer 2023 would complete the 2023-2024 FAFSA.
This loan begins accruing interest monthly while you are enrolled. You are not required to make repayments on the principal or the accrued interest while enrolled at least half-time. You may consider making payments on the accumulating interest, as to not add to the principal balance.
| Direct Unsubsidized Loan | |
|---|---|
| First disbursed on or after July 1, 2023, and before July 1, 2024 | 7.05% Fixed Interest Rate |
| First disbursed on or after July 1, 2022, and before July 1, 2023 | 6.54% Fixed Interest Rate |
| First disbursed on or after Oct. 1, 2020 | 1.057% Origination Fees |
Federal Direct Graduate PLUS Loan
The Graduate PLUS Loan is available for graduate students. To obtain a loan, you must complete the FAFSA each year, be enrolled in at least at least half-time (six credit hours), and must meet loan eligibility before the PLUS loan can be certified. In addition to completing the FAFSA each year, a secondary application is required through studentaid.gov.
Like the unsubsidized loan, the PLUS loan begins accruing interest monthly while you are enrolled. You are not required to make repayments on the principal or the accrued interest while enrolled at least half-time. You may consider making payments on the accumulating interest as not to add to the principal balance.
| Direct Grad Plus Loan | |
|---|---|
| First disbursed on or after July 1, 2023, and before July 1, 2024 | 8.05% Fixed Interest Rate |
| First disbursed on or after July 1, 2022, and before July 1, 2023 | 7.54% Fixed Interest Rate |
| First disbursed on or after Oct. 1, 2020 | 4.228% Origination Fees |
Private Loans
Private student loans can provide financing options when federal loans and other resources don’t fully cover your education costs. These non-federal loans are offered by private lenders like banks and credit unions.
Private loan rates vary between lenders and are based on your credit and market conditions. Rates are generally higher than federal options. Each lender also sets terms and requirements. Qualifying for a private student loan often requires good credit, stable income, and/or a creditworthy cosigner. Approval is not guaranteed. Private loans also lack certain protections and flexible repayment options of federal loans.
Look for companies specializing in student loans and only borrow what is absolutely needed so you don’t take on excessive debt. Private student loans can fill in gaps when federal aid is insufficient, but consider carefully and compare all options. Make sure you understand the rates, fees, and terms before committing.
Verification
This federally mandated process confirms the accuracy of data provided by selected applicants on the Free Application for Federal Student Aid (FAFSA). Approximately one in three students is selected by the Department of Education to complete the verification process.
Verification can include you, your parent(s), or your spouse, if applicable. You are required to provide certain documents to the College for review. If the documentation you provided to Loras does not match what was reported on the FAFSA, the financial planning office must update elements of your FAFSA which can result in changes to your financial aid need-based awarding and eligibility.