Direct Loan funds are provided by the federal government.
Following are the types of loans available to MAT students
through the Direct Loan Program:
| Student Aid Program |
Type of Aid |
Other Information |
Disbursement |
| Federal Direct Subsidized Loan |
Federal Loan that must be repaid. Must demonstrate financial need
to receive. |
Subsidized: The Department of Education pays interest while the
student is in school and during grace and deferment periods. Repayment
begins and interest begins to accrue the day after the six month
grace period ends. |
Department of Education provides funds to schools to disburse. |
| Federal Direct Unsubsidized Loan |
Federal Loan that must be repaid. Does not require students to
demonstrate financial need to receive. |
Unsubsidized: Borrowers are responsible for the interest that
accrues during all periods over the life of the loan. During periods
of enrollment and the grace period borrowers may choose to pay the
interest or have it capitalized. Repayment begins the day after
the six month grace period ends. |
Department of Education provides funds to schools to disburse. |
| Federal Direct Graduate PLUS Loan |
Federal Loan that must be repaid. Must not have adverse credit,
or may require a credit-worthy endorser. |
Use as last resort after sub and unsub Stafford Loans. Repayment
begins within 60 days after last disbursement. Borrowers may receive
deferment while enrolled at least half-time. There is no grace period
once student drops to less-than-half-time status. |
Department of Education provides funds to schools to disburse. |
Alternative Education Loans are made available to students
through various lenders. Students should check with their chosen lender
for details. Most alternative loans require that students be enrolled
at least half-time. The deadline to process an alternative loan is May 30, 2009.
| Private Loan Name |
Type of Loan |
Other Information |
Repayment |
| Chase Education One Loan |
Credit-based private education loan. |
Applicant must be a U.S. citizen, national, or permanent resident. Funds are sent directly to borrower within 2 business days of final loan approval. Borrower must be full time, half time or part time. No school certification or financial aid forms are required. May require a co-signer.
To apply online, log onto www.educationone.com |
May choose to make no payments while attending school. Flexible repayment terms. Principal and interest payments can be deferred for up to 5 years plus a 6 mth grace period while a student is continuously enrolled on at least a half time basis. |
| Sallie Mae Signature Loan for Graduates |
Private education loan for graduates. |
Creditworthy co-signers may help students get a lower interest rate and save money; no income requirement for student borrowers.
To apply online, log onto www.salliemae.com/signature2. |
Do not have to repay loan until 6 mths after you graduate, leave school, or drop to less than half time status. Interest will start to accrue on the loan as soon as funds are sent to school. |
| Nellie Mae GradEXCEL Loan |
Private education loan for graduates. |
Credit rating does not affect interest rate. Borrowers must be enrolled at least half time in a degree-granting graduate program; student and co-borrower must be the age of majority; student must have good credit or apply with a creditworthy co-borrower; student or co-borrower must be a U.S. citizen or eligible permanent resident; each must have a valid U.S. Social Security Number.
To apply online, log onto www.nelliemae.com. |
Must make interest only payments while in school at least half time. Can defer interest and principal payments while in school at least half time. |
| Teri Graduate Loan |
Private education loan for graduates. |
Creditworthy borrowers must have an employment history of at least 2 yrs; proof of current income; have a satisfactory credit history of at least 21 mths; have resided at current and immediately preceding addresses for a total of at least 12 mths; and be a U.S. citizen or permanent resident, and has resided in the U.S. for the previous 2 yrs.
To apply online, log onto www.teri.org. |
Make no payment while in school. Repayment of principal and interest begins approximately 180 days after you graduate or cease to be enrolled at least half time. |
