Loans-Graduate

The Federal Family Education Loan Program offers long term loans, which allow students to postpone paying for a portion of their school expenses until after they graduate or leave school. Repayment begins six months after completion or withdrawal from the graduate degree program.

Stafford and PLUS Loans for Graduates

Students may be able to borrow up to $22,500 per academic year (2 semesters), divided into two equal disbursements. The maximum amount that can be borrowed for a subsidized loan is $8,500 and an unsubsidized loan is $12,000.

DigiPen offers financial assistance to eligible students in the form of grants, loans, and scholarships. A financial aid award may consist of one or more of the following programs:

Stafford Loan Program

DigiPen participates in the Stafford Loan Program. These loans are the most common ones and are for graduate students. There are two types: subsidized loans, for which the government pays the interest while you are in college; and unsubsidized loans, for which you are responsible for paying all the interest on the loans, during college and after. You may receive both types of loans at the same time. The U.S. Department of Education and the loan guarantor charge an origination fee for both subsidized and unsubsidized Stafford Loans. To receive loan funds, you must be enrolled at least as a half-time student (6+ credits).

• Subsidized Stafford Loans are awarded based on demonstrated financial need. The federal government pays the interest while you are in college and during the six-month grace period after you graduated, leave school, or enroll as less than a half-time student. The government also pays your interest costs during deferment. A student will be obligated for a origination fee on each subsidized Federal Stafford Loan he or she receives. To qualify, you must meet all the requirements for federal student financial aid and have your eligibility for a Pell Grant determined. Repayment terms may vary from lender to lender.
• Unsubsidized Stafford Loans are for all eligible students, regardless of their income and assets. You must meet the same requirements as those for the subsidized Stafford Loan, except for demonstrating financial need. You are responsible for paying all the interest on the loan, but you can allow it to accumulate while you're in college and during the grace period. If you do, the interest will be added to the amount you borrowed when repayment begins and future interest will be based on the higher loan amount. The maximum interest rate on an unsubsidized Federal Stafford Loan is 8.25%. A student will be obligated for an origination fee on each unsubsidized Federal Stafford Loan he or she receives.

Graduate PLUS loans

The Federal Graduate PLUS loan is a low interest federally backed student loan, guaranteed by the U.S. Government. The maximum interest rate for Grad PLUS loan is 9%. The interest rates charged on these loans may change, you must check with a lender or the school for the most current rate. The Grad PLUS loan can be used to pay for the total cost of education less any financial aid you've already been awarded. Also like the undergraduate version, eligibility for the Graduate PLUS loan is largely dependent on the borrower's credit rating and history, as opposed to the purely financial need-based Graduate Stafford loan.

• In-school deferment-meaning students can delay payments until they have graduated
• Easy credit eligibility requirements
• Wide availability since they are federally guaranteed

Think the Graduate PLUS loan is right for you? First, fill out the FAFSA, and fill out a DigiPen financial aid application (print one off on our website, or call 425-895-4446 or 425-629-5021 to request one). Then check with DigiPen's Financial Aid Office for the latest information.

In order to get a student loan, you must have applied for financial aid and have a complete file in the Financial Aid Office. If you have done that and would like to apply for a loan, you must first complete loan entrance counseling. You will be required to take a test at the end of the counseling. Once you have completed the test successfully, our office will be notified. Your loan will then be certified, and a promissory note will be mailed to you.

Stafford and Grad PLUS Loan Lenders

Fill out a Master Promissory Note (MPN) for Stafford and Grad PLUS lenders at http://selectyourlender.com/digipen.

• Click on the state of Washington
• Click on DigiPen Institute of Technology

Private Bank Loans

Other financial aid options include private bank loans. Also known as alternative loans, private loans can help you pay for college if you are still short after exhausting all your resources, federal loans, and other college financial aid. Private loans usually carry higher interest rates and fees than federal loans and typically are based on creditworthiness. A number of commercial lenders and colleges offer private loans. For more details, please visit SimpleTuition's website for more information at https://www.simpletuition.com/digipen/. SimpleTuition is an online loan comparison solution, customized for DigiPen Institute of Technology, to help you make the right student loan choice. Simply enter some basic information and receive real-time loan options from multiple lenders. Results can be sorted by APR, monthly payment, first payment due date, total cost of loan, and more.