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

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

Stafford federal 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 2015-16 interest rate is 5.84 percent fixed, with a 1.068 percent loan origination fee deducted from loan proceeds.

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 2015-16 interest rate is 6.84 percent fixed, with a 4.272 percent 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;
  • 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;
  • maintain satisfactory academic progress as outlined in Erikson’s Bulletin [PDF], published annually.