Union University

Student Financial Planning

Student Financial Planning

Student Financial Planning > Graduate Students > Loans

Graduate Student Loans

Educational Loans Overview

Many students find they must supplement the resources they have to meet the expenses associated with a quality college education through taking advantage of low interest educational loans. These loans differ from a personal loan or home equity loan in that the funds are to be used exclusively for college expenses. Students may borrow in funds under the Federal Stafford Loan Program, even if they have not established a credit record. Repayment on the Federal Stafford Loan is deferred as long as the student is enrolled in college at least ½ time . If additional funds are needed, Alternative Educational loans are available from certain lenders.

Any questions you have regarding Educational Loans may be directed to Mrs. Bobbie Bishop, Financial Aid Officer/Loan Coordinator, at (731-661-5212) or bbishop@uu.edu.

To apply for any of the following, all students follow the appropriate steps in How to Apply for Financial Assistance. Filing the FAFSA is also required for the Federal Direct Stafford Loan.

The Federal Direct Stafford Loan

The Federal Direct Stafford Loan enables students who are enrolled at least half-time and degree seeking to borrow low interest loans. Payment on these loans begins 6 months after graduation or after a student is no longer enrolled at least half-time.

Up to $20,500* depending on Cost of Program Enrolled

Maximum Direct Stafford Loan amounts for Non-Traditional Programs will vary. The Office of Student Financial Planning will award the maximum amount you are eligible to receive for your Program of Study.

Students must file the Free Application for Federal Student Aid (FAFSA) each academic year to be eligible to apply for the Direct Stafford Loan.

Graduate students may receive Unsubsidized Direct Stafford Loan funds. Subsidized Direct Stafford Loan funds are only available to undergraduate students. 2014-15 interest rate for the Unsubsidized Direct Stafford Loan for Graduate students is 6.21% with loan origination fee of 1.073%. 2015-16 rates will be set by the federal government in June 2015.

A Federal Direct Stafford Loan Master Promissory Note (MPN) and entrance counseling must be completed the first time you apply for a loan at Union. The MPN is valid for up to 10 years. You are able to E-Sign the MPN at www.studentloans.gov and complete entrance counseling at www.studentloans.gov.

Loan funds are normally disbursed in equal installments. Loan funds are credited to the student’s account within 3 days after the funds are received and the student has met all federal requirements. If a student is due a credit balance check, it may be picked up within 14 days after the credit occurs at Union Station on the Jackson campus (for Jackson students) or in Room 105 on the Germantown campus (for Germantown students). See our Schedule of Loan Refund Dates.

Direct Graduate PLUS Loan

Graduate and professional students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS Loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 7.21% with a loan origination fee of 4.292% for 2014-15. 2015-16 rates will be set by the federal government in June 2015. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS Loan. First-time Direct Graduate PLUS borrowers at Union must E-Sign the Direct Graduate PLUS Master Promissory Note at www.studentloans.gov and must complete Direct Grad PLUS Entrance Counseling. For each loan you request, you must obtain a Graduate PLUS pre-approval at www.studentloans.gov.

Alternative Loans

This is a non-federal educational loan available through private lenders. The loan is borrowed by the student but generally requires a co-signer. The interest rate is variable and is set by the individual lender. Information regarding lenders that offer alternative loans is available online using Union's Online Lender List.

Priority Deadlines

Priority deadline means the following documents have been submitted to the Office of Student Financial Planning by the appropriate date listed below.

Students must also be accepted to Union University by the priority deadline before any financial aid can be awarded.

Cohort or Regular Term Start Date Priority Deadline Date
January, February, or March November 15
April or May February 1
June, July, or August April 15
September or October July 15
November or December September 1

Data submitted by students after the priority deadline associated with their program of study will be processed as time allows. Funds may not be available at the start of the program.

If a student’s aid is not processed at the time of registration, the institution may require that payment be made or alternate payment arrangements be made in order to register for classes.

Graduate Nursing Loan Forgiveness Program

The Graduate Nursing Loan-Forgiveness Program is designed to encourage Tennessee residents who are registered nurses to become teachers and administrators in Tennessee nursing education programs. To be eligible, the applicant must be a Tennessee resident and a U.S. citizen, have an unencumbered Tennessee nursing license, and be enrolled in an eligible master's degree or a post master's degree in a nursing educational program.

Participants in this program incur an obligation to enter a faculty or administrative position at a college or university in Tennessee in a nursing education program. The obligation is four (4) years to have the loan forgiven, immediately upon completion of the education program. If recipients do not meet this obligation the award must be repaid.

Visit www.tn.gov/collegepays for additional information or to apply. TSAC must receive the application by the March 1 deadline.

Loan FAQs

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