William D. Ford Federal Direct Loan Programs -- Salisbury University participates in the William D. Ford Federal Direct Student Loan Programs (Direct Loans). Available for graduate students enrolled at least halftime (5 credit hours a semester).
The Direct Loan Programs enable Graduate students enrolled in at least five credit hours to borrow money directly from the Federal government rather than private lending institutions (i.e. banks, credit unions). Loans can easily and quickly be obtained by submitting the Free Application for Federal Student Aid (FAFSA) and completing an Electronic Promissory Note on-line. As a Graduate student, you are able to borrow up to $20,500 per annum in the unsubsidized loan program. Loans may be prorated for enrollment less than full-time (9 credits). Graduate students who are taking some undergraduate coursework are only eligible for graduate loan limits if the student is enrolled at least half-time in courses that can be applied to the graduate program requirements. Loan repayment begins six months after recipients leave the institution or drops below half-time.
Grad PLUS Loan Program -- Graduate students also may borrow through the Grad PLUS loan program. Graduate students may borrow up to the cost of attendance at the institution minus other estimated financial assistance for the student. The interest rate for the Grad PLUS loan for the 2017-2018 academic year is 7.00 percent. Students may choose to defer Grad PLUS loan payments until 6 months after the date the student ceases to be enrolled at least half-time. Accruing interest can either be paid by the borrower monthly or quarterly, or be capitalized quarterly.
TEACH Grant Program -- Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants to students who intend to teach full-time, as a highly qualified teacher in a high-need subject, in a school that serves low-income students. Click here to learn more about this program.