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Student Loans

Low-interest federal student loans help cover tuition, living expenses and other education-related expenses.

Borrowing for Master’s Degrees and Other Programs

Eligible students enrolled in Erikson’s master’s degree and certificate programs may borrow through the Direct Unsubsidized loan or the Direct Graduate PLUS loan program.

Direct Unsubsidized and Graduate PLUS loans are low-interest Title IV federal loans made directly to students by the federal government. Graduate students may borrow an aggregate limit of $138,500 in federal Stafford loans, including undergraduate loans. Erikson participates in the Direct Loan program, which means you don’t need to find a bank or lender to arrange your federal loans. There is no aggregate limit on Graduate PLUS loans.

Types of Loans

Direct Unsubsidized Loans

  • Eligibility is not based on financial need.
  • The maximum loan amount is $20,500 for master’s degree and certificate program students per financial aid award year.
  • Interest begins to accrue when the loan is disbursed; interest must either be paid quarterly or be accrued and capitalized to the principal.
  • Repayment begins following a six-month grace period after graduating or dropping below half-time enrollment (3 semester credit hours).
  • The 2023-24 interest rate is 7.05% fixed, with a 1.066% loan origination fee deducted from loan proceeds.

Direct Graduate PLUS Loans

  • Eligibility is not based on financial need.
  • The maximum award is the total estimated cost of attendance minus other estimated financial aid.
  • A simple credit check to verify the lack of adverse credit history is required.
  • Repayment begins 60 days following the final disbursement on the loan; an in-school deferment option is available.
  • The 2023-24 interest rate is 8.05% percent fixed, with a 4.264% loan origination fee deducted from loan proceeds.


To be eligible for federal student loans, you must:

  • be a U.S. citizen or eligible non-citizen;
  • be enrolled for a minimum of 3 credits (Erikson’s definition of a half-time student);
  • be accepted to or continuing in a degree or certificate program at Erikson. Professional development or nondegree students are not eligible for federal loans;
  • not be in default on a student loan or owe a refund on any federal (Title IV) financial aid;
  • submit all required federal and/or institutional documentation; and
  • maintain satisfactory academic progress as outlined in the Student Handbook published annually.

Note: Doctoral students may apply for federal loans through Loyola University Chicago, but can not receive loans from both schools. Visit Loyola University Chicago for more information on applying for loans for doctoral students.