Federal Student Loans
Program Information
There are two federal student loans available to graduate students to assist in paying their educational expenses.
- Lending Limit: $20,500 per academic year
- Interest Rates change each academic year*
- Loan accrues interest while a student is in school
- Origination Fee adjusts for each calendar year.
- Grace Period: 6 months
This means that once a student has stopped attending at least 6 credit hours, they have 6 months before they are required to begin repaying their loans.
- Students must credit-qualify for the PLUS Loan
- Lending Limit: Awarded up to a student’s estimated cost of attendance minus other forms of aid a student has been awarded
- Interest Rates change each academic year*
- Loan accrues interest while a student is in school
- Origination Fee adjusts for each calendar year.
*Interest rates and origination fees change yearly based on auction of Treasury bill in spring.
Review federal student loan borrowing history
- You will need your Federal Student Aid ID (FSA-ID) to enter the site
- You must create an FSA ID, if you haven’t already done so, in order to access Department of Education websites, such as FAFSA
Direct Loan Consolidation
Loan Repayment
- Standard Repayment
- Income Contingent Repayment Plan—ICR*
- Income-Based Repayment—IBR*
- Pay As You Earn Repayment Plan*
- Revised Pay As You Earn Repayment Plan*
Public Service Loan Forgiveness
Private Student Loans
Naropa University awards educational loans primarily from the Direct federal student loan program. Some lenders advertise private loans that “mimic” the federal student loan program, but which differ in important ways. Private student loans:
- Cannot be included in a federal consolidation loan
- Are not eligible for income-driven repayment plans
- Are not eligible for Public Service Loan Forgiveness
- Result in an additional monthly student loan payment for the borrower
Aid from all sources cannot exceed a student’s estimated cost of attendance. Please email finaid@naropa.edu with the words “Private Loan” in the subject line if you would like to start the process of requesting the inclusion of a private loan in your financial aid package.
Naropa University does not endorse or promote any private loan program or lender. Borrowers are encouraged to review federal student loan options before considering private loans since federal loans will generally have more favorable terms and conditions.
