2014-2015 Graduate Catalog

Financial Aid - Government Assistance Available


Loans are available to graduate students and/or their parents to assist in paying for college expenses. A student must repay the loan after graduation or withdrawal. Before agreeing to a loan, a student should carefully review all terms and conditions of the loan, interest rates, and the amount of monthly payments.

Federal Direct Student Loan

These loans are available to almost any student regardless of financial need. The federal government could loan a graduate student up to $20,500 per year. The loan interest rate subject to change, as established by the federal government. Application must be made through Drury University. Loans cannot exceed the cost of attendance minus other financial aid.

This loan program represents an agreement between the university student and the U.S. Department of Education. Loan monies may not be released to the student until the student is fully charged. The loan will be wire-transferred from the Department of Education to the student’s account as early as the third week of school. After the third week of classes, the college will automatically generate and send a refund to Higher One for any loan monies in excess of the student’s account balance. Any change in enrollment may result in a recalculation of loan eligibility, and the student may be responsible for returning funds to Drury.

Unsubsidized direct loans are not based on financial need and may be available to students who file a FAFSA, regardless of income. Since this loan is not subsidized by the government, the student is responsible for all interest that accrues during in-school, grace and deferment periods. The student may choose to make interest payments while in school or may defer (and accumulate) the interest until repayment.

Direct unsubsidized loans may be prorated under certain conditions. Prorated loan limits are used when a borrower’s remaining period of enrollment, until completion of his or her academic program, is less than an academic year in length.

Federal Direct Plus Loan Program (PLUS)

Graduate students may be eligible to borrow money for educational expenses under this program. Loans are certified by the school and approved by the Department of Education. These loans carry an interest rate that is variable, not to exceed 8.5 percent. The amount of this loan may not exceed the student’s cost of attendance minus other aid. Repayment begins 60 days after disbursement of the loan, unless a deferment is granted.