Federal Direct Loan Programs

Direct Unsubsidized Stafford Loans:

The Direct Unsubsidized Stafford Loan program is a federal student loan program that allows first year veterinary medical students to borrow up to $40,500 per academic year. The interest rate for loans disbursed between 7/1/15 and 6/30/16 is 5.84% and will be charged from the date of each disbursement. That rate will remain with the loan and will accrue during periods of enrollment, grace and deferment. The interest rate for loans disbursed between 7/1/16 and 6/30/17 will be determined in early summer of 2016. Direct Lending also deducts an Origination Fee at the time of each disbursement. The Origination Fee for loans first disbursed on or after October 1, 2015 and before October 1, 2016 will be 1.068%. Payment on loans begins six months after graduation or withdrawal.

NOTE: The total outstanding debt a veterinary medical student can have from all Direct Stafford Loans (Subsidized and Unsubsidized combined) is $224,000. Outstanding Stafford Loans received from both the FFEL and Direct Loan Programs for undergraduate or graduate education are included in these aggregate totals.

Direct Grad Plus Loans:

The interest rate on Direct Grad Plus Loans disbursed between 7/1/15 and 6/30/16 is 6.84% and will be charged from the date of each disbursement. That rate will remain with the loan and will accrue during periods of enrollment, grace and deferment.  . The interest rate for Grad Plus Loans disbursed between 7/1/16 and 6/30/17 will be determined in early summer of 2016. Direct Lending also deducts an Origination Fee at the time of each disbursement. The Origination Fee for loans first disbursed on or after October 1, 2015 and before October 1, 2016 will be 4.272%.

The maximum amount a student may borrow per academic year is the cost of attendance minus any other financial aid received for that same academic period. A credit check is required for Grad Plus Loans. If you have adverse credit, you could be denied by the lender. If you are denied, you may appeal or you may reapply with a credit worthy cosigner. Payment begins six months after graduation or withdrawal