Federal Direct Unsubsidized Loan
This graduate student loan is not based on need, offered by the U.S. Department of Education (ED) to help eligible students finance the cost of higher education. No payments are required on any federal student loan until six months after graduation or the student is no longer attending at least half-time. Recipients of unsubsidized direct loans who are able to do so are encouraged to begin paying interests before they leave school. Eligible students must be matriculated in a Degree seeking program, enrolled at least part-time status (MD students at 4-credits and MS students at 5-credits).
Application Process: Students must complete the FAFSA to be eligible for an unsubsidized loan. Student must submit their Entrance Counseling and Master Promissory Note (for unsubsidized graduate loan) at studentaid.gov and accept their loan via LEARN→NetPartner.
Federal Direct Graduate PLUS Loan
The Graduate PLUS loan is a credit-based loan available to graduate students who are enrolled at least half time (5 credits per semester) are eligible up to their cost of attendance, minus other estimated financial assistance. Students are required to have applied for their annual loan maximum eligibility under the Direct Student Loan Program before applying for a graduate/professional PLUS loan.
Application Process: Students must complete the FAFSA to be eligible for a Graduate PLUS Loan, they must submit a credit-check application and PLUS loan Promissory Note online at studentaid.gov indicating the amount requested. By submitting the application, the student is consenting to a financial credit-check permitting the Department of Education to inform Weill Cornell Medicine of the results.
For additional information regarding Federal Student Loans, please visit Federal Student Aid.
| Loan Program | Annual Loan Limit | Interest Rate | Loan Fees |
|---|---|---|---|
| Federal Direct Unsubsidized Loan | MS Graduate Students = $20,500 MD Students= $42.722- 1st & 2nd Yr $47,167-3rd Yr $44,944- 4th Yr | 8.08% - loans disbursed July 1, 2024 to June 30, 2025 | 1.057% |
| Federal Direct Graduate PLUS Loan | Cost of Attendance minus Other Financial Aid | 9.08% - loans disbursed July 1, 2024 to June 30, 2025 | 4.228% |
Private Education Loans
Many lenders offer private alternative loans to help student’s bridge the gap between financial aid and college costs. Students must either meet the credit criteria of the loan for which they are applying or have a credit-eligible co-borrower.
Select a lender and contact them directly. Explore ELM Select (a research tool to compare lenders) to find a lender and to obtain a comprehensive list of lenders and their rates.
After selecting a loan product, students are recommended to contact the lender to ensure the rates and terms are current. Lenders will provide the application instructions and all necessary paperwork.
Consider the following when comparing private education loans:
- Cosigner Requirements and Cosigner Release Options
- Interest Rate: Variable or Fixed, Index and Margins, Interest Capitalization Policies
- Borrower Benefits: Interest Rate Reductions for ACH and Cosigners, On-time payment incentives
- Fees: Origination Fees, Late Fees, Return Check Fees
- Repayment Options: Repayment Start Dates, Years In Repayment
- Grace Period, Deferment and Forbearance Options
The Self-Certification form must be completed by the student and submitted to the lender before funds can be disbursed.