Federal Loans

The U.S Department of Education offers two federal loan programs to Graduate students : Direct Unsubsidized loan program and Grad PLUS loan (credit approval required). 

Borrower must be an U.S Citizen or be an eligible non-Citizen to apply for federal loan options. International non-eligible students: Please see our International Students page.

Loans are aid that will need to be repaid, with interest, after you graduate or leave college. Most student loans are Direct Loans.

Undergraduate students may be considered for both Direct Subsidized and Direct Unsubsidized loans. 

All Ross Undergraduate student aid is processed by the main campus University of Michigan Office of Financial Aid. Undergraduates you may view loan information on the main campus financial aid website or discuss their loan options by contacting Office of Financial Aid at 734-763-6600 or financial.aid@umich.edu.  The information below is detailed for Graduate students only.

Federal Direct Loans

Note: Federal loan interest rates adjust each July and origination fees adjust October each year.

Federal Direct (Stafford) Loan – Unsubsidized – for Graduates

Step by Step Instructions on How to Apply for Unsubsidized Loan (PDF)

Eligibility CriteriaLoan TermsAdditional Information/Requirements

Non-need-based

Maximum borrowing amount $10,250 per semester

Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments.

Student must be enrolled at least half-time in a degree program

6.54% fixed interest rate for graduate students effective July 1, 2022.

Rates changes each 1st of July

No penalty for early pay off.

Borrower must be a U.S. citizen or eligible non-citizen

Loan originated on or after October 1, 2020 and before October 1, 2023 will be subject to 1.057% origination fee. 

Typical repayment period is 10 years (other repayment options available; such as, but not limited to, Income Driving Repayment Plans and Public Service Loan Forgiveness).

 

Interest accrues immediately; paid periodically or capitalized

May be eligible for Ross Loan Repayment Assistance Programs.

 

Principal repayment deferred while enrolled at least half-time

Can be consolidated with other federal loans

 

Visit the Federal Student Aid website for the latest loan term information.

More information is available from the U.S. Department of Education

Federal Direct Loan – Graduate PLUS

Step by Step Instructions on How to Apply for Grad PLUS Loan (PDF)

Eligibility CriteriaLoan TermsAdditional Information/Requirements

Credit check approval process

Students may borrow up to the cost of attendance minus other financial assistance

Borrower must first complete the Free Application for Federal Student Aid (FAFSA)

Non-need-based

7.54% variable-fixed interest rate effective July 1, 2022.

Rates changes each 1st of July

Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments.

The graduate student is the borrower

Loan originated on or after October 1, 2020 and before October 1, 2023 will be subject to 4.228% origination fee. 

No penalty for early pay off.

Student must be enrolled at least half-time in a graduate-level program

Interest accrues immediately; paid periodically or capitalized

Typical repayment period is 10 years (other repayment options available; such as, but not limited to, Income Driving Repayment Plans and Public Service Loan Forgiveness).

Borrower must be a U.S. citizen or eligible non-citizen

Loan is deferred while you are enrolled at least half-time and for an additional six months after you are no longer enrolled at least half-time. Interest accrues during deferment; you may pay accrued interests or allow it to capitalize when deferment ends. Details at the U.S.Dept. of Education

May be eligible for Ross Loan Repayment Assistance Programs.

 

Visit the Federal Student Aid website for the latest loan term information.

Can be consolidated with other federal loans

  

More information is available from the U.S. Department of Education

 

Estimating Grad PLUS Loan Eligibility

Wolverine Access > Campus Finances > Financial Planning Calculator > Calculate Private/PLUS Loan Eligibility

Select Calculate Private/PLUS Loan Eligibility to see how much you would be able to borrow through a private loan program or through the federal PLUS Loan program. (This calculator is not available for the spring and/or summer terms.)


The Ross School of Business Office of Financial Aid is a satellite office of the University of Michigan Office of Financial Aid.