Graduate Loans
Student loans can be necessary resource to help pay for college expenses.
Student loans are borrowed funds that you’ll pay back with interest once you leave college. You can either take a loan out through the federal government (typically has lower interest rates and long terms) or through a private lender.
Graduate students must be enrolled in at least 3 credit hours to receive loans.
The FAFSA (Free Application for Federal Student Aid) is your application for the Direct Unsubsidized loan.
The Direct Unsubsidized Loan is available to graduate students and is not based on financial need. It is a federal loan that must be repaid including all interest. ”Unsubsidized” means that the student (rather than the Federal Government) pays interest from the date funds are disbursed, even if they are still in school. You can choose to defer the interest and have it added to the principal balance - this is called capitalizing your interest. However, capitalizing the interest will increase the amount you have to repay.
Principal and interest payments begin 6 months after your last date of enrollment. Repayment calculators are available here.
Studentaid.gov will show the current interest rate and loan fee. The annual loan limit for Graduate level Direct Unsubsidized loans is $10,250 per semester ($20,500 per 2 term academic year) with an aggregate loan limit of $138,500. Doctor of Pharmacy and Master of Health Administration programs are authorized up to $16,500 per semester ($33,000 per 2 term academic year) with an aggregate loan limit of $224,000.
After completion of the FAFSA you will be notified from the Financial Aid Office through your student email when your loan offer is available to review. View your aid offer letter on your student portal which will include instructions on how to Accept, Reject or Reduce the amount you would like to borrow. Students must have completed a Master Promissory Note (MPN) and Loan Entrance Counseling in order for loans to be disbursed. Your loan disbursement will be split over 2 semesters based on your program’s academic year.
Private loans can help students cover funding gaps between their financial aid awards and the total cost of attending Lipscomb University. We strongly recommend that you first complete the Free Application for Federal Student Aid (FAFSA) and fully explore your eligibility for federal student aid before considering private loan options.
To assist you in identifying potential private lenders, Lipscomb has compiled a list of high-quality lenders that our students have used most frequently over the past three academic years. Each lender on this list has provided at least ten private loans to Lipscomb students during that period. None of the lenders on this list is an affiliate of any other lender on the list, and none of the products presented require origination fees.
IMPORTANT: You are free to choose any lender, including those not presented. If you choose a lender that is not presented, please contact the financial aid office. Application processing will not be delayed unnecessarily if you choose a lender not presented.
We encourage you to carefully compare your private loan options and review multiple lenders and loan products before making a decision.
Lipscomb uses ElmSelect, a neutral, third-party comparison tool, to help you evaluate private loan products. The lenders below are presented in random order, with no preference given to any lender.
Explore Private Loans - ElmSelect