UTB loans are processed through the William D. Ford Federal Direct Loan Program, also known as Direct Loans. These low-interest loans are for undergraduate and graduate students and must be repaid. Loans are available to students and/or parents to help pay for educational expenses. They must be repaid after the student graduates, drops below half-time status or leaves school. The Direct Loan program is operated by the Department of Education, which charges an origination fee for each loan disbursement. UTB offers four types of Direct Loans:
- Federal Direct Subsidized Loans
- Federal Direct Unsubsidized Loans
- Federal Direct Parent Loans (PLUS)
- Graduate Unsubsidized Loans
- Federal Direct Graduate PLUS Loan (GradPLUS)
The type of loan you are offered is based on the results of your FAFSA. Students are encouraged to accept all free monies first, before accepting any form of student loans. Borrowing loans should be a student’s last option of funding.
NOTE: Students who are non-degree seeking do not qualify for Direct Loan funds.
Important Notice to All Graduate Borrowers
Loan interest rates and fees Important Notice to All Graduate Borrowers As a result of The Budget Control Act passed on August 2, 2011, by Congress, the Department of Education will no longer be funding subsidized loans for graduate and professional students. Loans will still be available at UTB for Graduate and Professionals; however the student will be responsible for all interest accruing on the loan(s).