An education loan is a form of financial aid that must be repaid, with interest. Education loans for graduate students come in two major categories: federal loans and alternative loans (also called private student loans).

The ultimate responsibility of financing an education lies with the student. Students who finance their education with student loans must understand that with the acceptance of the loan comes the responsibility of prompt and full repayment.

McDaniel College stresses this responsibility not only because loan repayment is ethically correct, but also because loan default could eventually lead to loss of financial aid to future students.

Who qualifies?

The student must be accepted into a degree seeking Master's program and taking at least six credits per semester.

Loans available to Graduate Students

Federal Direct Unsubsidized Loans
Direct Grad PLUS Loans

Private and Alternative Loans

Private student loans are made by private lenders to students and may require credit-worthy cosigners. These loans may be more expensive than Federal Grad PLUS loans and students should first maximize any eligibility under the federal loan programs. Private loan fees and interest rates vary among lenders. All lenders will review the borrower's and cosigner’s credit history. McDaniel College does not endorse any specific lender or group of lenders.

More information on private student loans is available here »