The loan amount that a student can receive is usually limited by one or more factors, such as calculated financial need, the cost of education, annual or maximum loan limits, the applicant's credit rating, etc. For this reason, it is important to know the specific eligibility requirements, loan terms, and application deadlines for each program under consideration.
Loans are a vital resource used in meeting educational expenses.
Potential borrowers should keep in mind that loans must be repaid and that repayment ability should be calculated in relation to total debt and future earnings. Failure to meet loan repayment obligations can jeopardize one's credit rating and eliminate eligibility for federal student assistance funds. For other loans, repayment begins within 30 to 60 days after the loan is disbursed. Students who have completed residency requirements and who are engaged in writing a dissertation or are completing other academic requirements may be eligible to apply for certified continuing full or half-time status in order to apply for a student loan, continue loan deferment privileges, or obtain appropriate visa coding for international students. Further information is outlined in the SED Office of Graduate Financial Assistance's Application for Certified Continuing Status form.