Graduate Admission

Loans

The University participates in the William D. Ford Federal Direct Loan Program, in which borrowers obtain federal loan funds directly from the U.S. Department of Education. Loans are borrowed money and must be repaid by the student.

Federal Loans

Federal Direct Unsubsidized Loan

Students who file a FAFSA and enroll at least half time may qualify for a Direct Unsubsidized Loan, which is a long-term, low-interest loan. The interest rates for Direct Unsubsidized Loans first disbursed on or after July 1, 2021 and before July 1, 2022 is fixed at 5.28%. Loan repayment begins six months after the borrower ceases to be enrolled at least half time.

First-time borrowers must complete two requirements to accept Federal Direct Loans. Entrance Counseling provides information on the rights and responsibilities of the student borrower. The Master Promissory Note (MPN), or loan agreement, is the student's legal promise to repay the loan money borrowed. Both items can be completed at StudentAid.gov.

The following chart outlines the annual and aggregate amounts graduate students may borrow from the Federal Direct Unsubsidized Loan Program:

Graduate Students:

Program Loan Limit
Teacher Certification Programs $12,500
Graduate Degree Programs $20,500
Lifetime Maximum (includes federal loans received for undergraduate study) $138,500

Please note: With Federal Direct Unsubsidized Loans, a 1.057% loan fee is deducted from the gross loan amount before any loan proceeds are sent to Xavier University.

Graduate PLUS Loan

Graduate students who are enrolled at least half-time have the option of applying for a Graduate PLUS Loan, which is a credit-based loan. The interest rates for Direct PLUS Loans first disbursed on or after July 1, 2021 and before July 1, 2022 is fixed at 6.28%. Loan repayment begins six months after the borrower ceases to be enrolled at least half time. Before you apply for a PLUS loan, students should take advantage of the Federal Direct Unsubsidized Loan which has a lower interest rate and lower loan fee.

To apply for the Graduate PLUS Loan students must complete the following:

There is a 4.228% loan fee for all Direct PLUS loans.

*For Summer periods of enrollment, students should complete the PLUS Loan application and Master Promissory Note (MPN) on or after May 1st. For Fall and Spring periods of enrollment, students should complete the PLUS application and MPN on or after June 1st. A credit check will be performed as part of the loan application; the credit is valid for 180 days. If approved, the loan must disburse before the credit check expires.

Code of Conduct

Xavier University is committed to providing the best possible customer service to our students and their families. It is our goal to provide information and advice, in keeping with federal requirements, which is determined by consideration of the best interests of our students and their parents. To ensure that students and their families continue receiving impartial advice from the financial aid personnel, and to avoid the potential for, or appearance of, conflicts of interest regarding student loans, Xavier University shall abide by a Code of Conduct in its relationships with lenders, guarantors and servicers of education loans.

Private (Alternative) Education Loans

Various private loans are available for students who need additional financial assistance. We strongly recommend that students utilize federal loans before considering private-loan options. Private loans are commercial loans which usually require a credit check and may require credit worthy co-signer. The interest rates are fixed or variable. The loan amount requested cannot exceed the cost of attendance minus other financial aid sources.

We have included several lenders on our private loan list. They were selected on the basis of their loan fees, rates/terms, and customer service. Please note that students may choose any lender and are not limited to lenders on the lender list. Additional information on private-loan options and lenders is available online at the FastChoice website.

Students who decide to apply for a private loan will do so directly on the lender's web site. The lender will notify us if the student has been approved. If a loan has been approved, a staff member in the Office of Student Financial Assistance will certify the loan (as long as the student has enrolled for classes). Loan funds will disburse to the student's account 5-7 days before the start of classes. The loan application and certification process takes approximately 2-3 weeks. The suggested deadline to apply is June 30th, for the upcoming fall semester. This should allow enough time for the loan to be certified (if approved) and to appear on the Fall billing statement.

Home Equity Loans

Many financial institutions will lend money on the equity in the family's home. The interest on these loans is normally one and one-half to two points higher than the prime rate, and the interest is usually deductible on your tax return. Contact a financial institution for specific information and an application.