Types of Graduate Financial Aid: Loans
Financial Aid Services administers the following types of financial aid:
- Assistantships
- Loans
- Employment
To assist families in financing educational costs, UMass Boston offers several types of loans, including those listed below. These programs are either federally funded, state funded, or university funded. When your financial aid application is complete, UMass Boston considers you for all programs administered by FAS. The type of loan offered to each student depends on eligibility, need, and available funds. All loans require repayment.
FEDERAL DIRECT SUBSIDIZED LOAN: This is a loan from the Federal government. Students must meet the eligibility requirements for aid, must have need, and be enrolled at least half-time (six credits or credit equivalencies). The government pays the interest while the student is enrolled at least half-time, so no interest is accrued. Repayment of interest and principal begins six months after graduation (the Grace Period) or when the student ceases to be enrolled at least half-time. Additional information on the Direct Loan Program is available here.
FEDERAL DIRECT UNSUBSIDIZED LOAN: This loan differs from the Subsidized loan in two respects: It is not based on need and interest begins to accrue from the date of disbursement. The student is responsible for the interest payments and has the option to (1) pay the interest during periods of enrollment, deferment, and/or forbearance or (2) postpone interest payments until repayment of the loan. Note: If option (2) is chosen, the unpaid accrued interest is added to the principal (capitalization), thereby increasing the total amount the student has to repay. Students are strongly encouraged to pay the interest as it accrues. Additional information on the Direct Loan Program is available here.
FEDERAL PERKINS LOAN: This is a low-interest (5% fixed) loan from the Federal government and is managed by the Perkins Office at UMass Amherst. Students must meet the eligibility requirements for aid, have need, and be enrolled at least half-time. Repayment begins nine months after graduation or when the student ceases to be enrolled at least half-time. Awards are based on program regulations and available funds. If you have been offered and choose to accept this loan, complete the Perkins Loan Entrance Counseling here and complete the Perkins Loan Master Promissory Note (PLMPN) that will be sent to your home address in a separate mailing.
FEDERAL DIRECT PLUS LOAN FOR GRADUATE STUDENTS: This is a low interest, credit based loan from the Federal government available to graduate students who wish to borrow on their own behalf. Students must meet the eligibility for aid and be enrolled at least half-time.It is also highly recommended that you borrow the maximum Federal Stafford Loan offered to you before applying for a GRAD PLUS Loan. Additional information can be found in the Federal GRAD PLUS Loan Application here.
ALTERNATIVE LOAN PROGRAMS: These are private loans available to graduate students . There are many options to borrow through educational lenders and other financial institutions. For details about these loans, please visit our Alternative Loan Programs page.