Parent and Graduate Loans

Below is a list of federal direct loans available to parents and graduate students. Additional private loans may be available, in addition to scholarships and grant aid. For more information on how to get started with federal loans, visit our Loan Requirements page.

Federal Direct Loans for Parents and Graduate Students

  • Unsubsidized Loan for Independent Students

    This loan is available to independent undergraduate and graduate students who are enrolled at least half-time in a degree or teacher certification program who do not demonstrate a financial need based upon the information provided as a result of the completion of their Free Application for Federal Student Aid (FAFSA). The annual limit is $6,000 for the first and second year undergraduates. Students who have achieved third or fourth year status are eligible to borrow up to $7,000 annually, and graduate students may borrow up to $20,500 annually, not to exceed the cost of education. These amounts are in addition to the Direct Subsidized Loan amounts.

    The subsidized and unsubsidized Direct Loan interest rates are variable and adjusted on an annual basis every July 1, but will not exceed 8.25%. Borrowers are assessed an origination/guarantee fee which is deducted prior to the disbursement of the loan to HBU. Repayment begins six months after dropping below half-time. The student is responsible for the interest that accrues on the Direct Unsubsidized Loan during in-school and deferment periods.

    Annual maximum award:

    • $6,000 – Freshman/Sophomore
    • $7,000 – Junior/Senior
    • $20,500 – Graduate

    Aggregate limits:

    • Undergraduate Dependent Students: $31,000 (no more than $23,000 of which can be subsidized)
    • Undergraduate Independent Students: $57,500 (no more than $23,000 of which can be subsidized)
    • Graduate Students: $138,500 (prior to July 1, 2012, no more than $65,500 of which can be subsidized)
  • PLUS Loan (Parent Loan for Undergraduate Students)

    This loan is not need based. These loans allow credit worthy parents of dependent undergraduate students who are enrolled at least half-time to borrow up to the cost of education minus other aid. Repayment begins while the student is in school and some deferment options are available. Borrowers are assessed an origination/guarantee fee which is deducted prior to the disbursement of the loan to HBU. The interest rate is variable and is adjusted each year, but will not exceed 9%. In order to receive the loan the student must complete the Free Application for Federal Student Aid (FAFSA). Parent loan borrowers must complete the Direct PLUS Loan application, credit check and master promissory note.

  • PLUS Loan (Loan for Graduate Students)

    These loans allow credit-worthy graduate students who are enrolled at least half time to borrow up to the cost of education minus the Direct Loans and other aid. Borrowers are assessed an origination/guarantee fee which is deducted prior to the disbursement of the loan to HBU. Repayment begins while the student is in school and some deferment options are available. In order to receive the loan the student must complete the Free Application for Federal Student Aid (FAFSA). Borrowers must complete the Direct Grad PLUS Loan application, credit check and master promissory note.

Loan Requirements

Parents or graduates who decide to borrow a federal loan may be required to complete certain loan requirements, such as a Master Promissory Note (MPN) or entrance counseling. Learn more about these loan requirements:

Loan Requirements