A federal Direct Unsubsidized Loan is not based on the student’s financial need, but students must also meet specific eligibility requirements. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal). Direct Unsubsidized Loan is not based on credit history.

The annual loan limit is $20,500.

The federal Grad PLUS loan is not based on the student’s financial need, but students must also meet specific eligibility requirements. The annual limit is equal to the student’s cost of attendance, minus any other financial aid the student is receiving. Applicants are required to pass a credit check. PLUS loans carry a fixed rate and an origination fee. Certain borrowers may also be required to complete federal PLUS loan counseling before the loan is originated and disbursed.

Before you can receive a Grad PLUS Loan, you must complete a Direct PLUS Loan Master Promissory Note (MPN), which explains all the terms and conditions of the loan and constitute your legally binding agreement to repay all the Grad PLUS Loans you receive. Someone with an adverse credit history can qualify for a Grad PLUS Loan by securing an endorser.

You are eligible to have federal financial aid disbursed to you by meeting the following criteria:

1. Enrollment in, or admission to, an eligible degree or certificate program. At IENYC, enrollment in a master’s degree with at least 4.5 credits per term is required for eligibility.
2. You have a valid Social Security number unless you are from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau.
3. Sign certifying statements on the Free Application for Federal Student Aid(FAFSA®) form stating that
   • You are not in default on a federal student loan and do not owe a refund on a federal grant and
   • You will use federal student aid only for educational purposes.
4. Maintain satisfactory academic progress in your MS degree program.
5. You must also meet one of the following criteria:
   • You are a U.S. citizen if you were born in the United States or certain U.S. territories, if you were born abroad to parents who are U.S. citizens, or if you have obtained citizenship status through naturalization. If you were born in American Samoa or Swains Island, then you are a U.S. national.
   • Have a GREEN CARD
   • You are eligible if you have a Form I-551, I-151, or I-551C, also known as a green card, showing you are a U.S. permanent resident
6. Have an ARRIVAL-DEPARTURE RECORD: Your Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services must show one of the following:
   • Refugee
   • Asylum Granted
   • Cuban-Haitian Entrant (Status Pending)
   • Conditional Entrant (valid only if issued before April 1, 1980)
   • Parolee

7. Have BATTERED IMMIGRANT STATUS: You are designated as a “battered immigrant-qualified alien” if you are a victim of abuse by your citizen or permanent resident spouse, or you are the child of a person designated as such under the Violence Against Women Act.

8. Have a T-VISA: You are eligible if you have a T-visa or a parent with a T-1 visa.