Loans

Dominican University participates in the Federal Direct Stafford Loan program and Graduate PLUS Loan program. To apply for federal student loans students must complete the Free Application for Federal Student Aid (FAFSA), which must be filed online at www.fafsa.ed.gov. and complete a Dominican University Graduate Loan Packet. The packet is available in the Financial Aid Office or can be delivered to you by email by contacting the Financial Aid Office at finaid@dom.edu.

Graduate students must be enrolled at least half-time to be eligible for federal loans. Definitions of full-time and half-time enrollments are important in determining both loan and deferment eligibility. To be considered full-time, a graduate student must be enrolled for nine credit hours per semester (three courses of three semester hours each). To be considered half-time, a student must be enrolled for at least one-half of the credit hours required for full-time attendance per semester (4.5 semester hours). 

Graduate students can borrow up to $20,500 per academic year (depending on the cost of attendance and enrollment level) in Federal Direct Stafford Loans. Direct loans borrowed after July 1, 2012 will be entirely unsubsidized, meaning that the loans will accumulate interest while you are in school. The current interest rate for Federal Direct Stafford Loans is 5.41%.

Federal Direct PLUS Loans are available to graduate students who need to borrow more than the Stafford Loan amount to meet educational expenses. The current interest rate for Federal Direct PLUS Loans is 6.41%.

Certificate students (not in a master’s degree program) may eligible to borrow up to $12,500 in the Federal Direct Stafford Loan Program.

For complete information visit www.direct.ed.gov or contact the Financial Aid Office.

Information about interest rates and deferments for all loan programs and information on external scholarship opportunities is available from the financial aid office.

Veterans
Troops to Teachers is a Nation-wide program that helps transitioning service men and women consider a second career in teaching. Please see http://www.ILTROOPS.org for more information.