Federal student aid at the Professional Student level includes low interest rate loans, both need based and non-need based. Eligibility for most of these programs is based upon the "demonstrated financial need" of the student applicant and the applicant's family. However, financial need is not an eligibility criterion for the federal Stafford Unsubsidized Student Loan or the federal PLUS loan. Therefore, most federal student aid applicants will be eligible for some form of financial assistance through the federal student aid programs regardless of demonstrated financial need. In order for eligibility to be determined federal student aid applicants must file a Free Application for Federal Student Aid (FAFSA) each year.
Federal Perkins Loan
The Federal Perkins Loan is a "need based", revolving loan fund utilizing both federal and institutional funds. This award is a loan and must be repaid by the borrower. The federal government pays the interest while the student is in school at least half-time, during a nine-month grace period, and during periods of deferment.
Federal Direct Loan Program
Federal Direct Loans are low interest loans that undergraduates, graduates and parents of dependent undergraduates may obtain from the Direct Lending Program. For Professional students they include the Federal Unsubsidized Stafford Loan and the Federal Grad PLUS Loan. These loan programs were created by Congress to help all eligible students , with and without financial need, pay for the student's educational expenses.
Direct Graduate PLUS Loan are federally sponsored loans for students attending graduate school. With a Grad PLUS loan, you may borrow up to the full cost of your education, less other financial aid received including Federal Stafford loans. A credit check is required.