Loans
Understand all of your borrowing options. If you have any questions, don’t hesitate to contact us
Depending on your level of need, you can apply for a Federal Unsubsidized Loan, a Federal Grad PLUS loan, or a combination of private and alternative loans.
Before accepting any loan, make sure you have a clear understanding of the interests and fees you’ll pay on it as well as your repayment plan options.
Financial Aid History
Students who are in default on a federal loan, on overpayment status, or who have exceeded annual or aggregate loan limits are not eligible for further financial aid.
Access your federal aid history by logging in to the National Student Loan Data System (NSLDS) using your FSA ID
Calculating Your Loan
Our Student Loan Calculator can help you determine how much money you’ll need to borrow.
| Federal Direct Unsubsidized Loan | Federal Direct Grad Plus Loan | Private / Alternative Loan | |
|---|---|---|---|
| Interest Rate | Fixed at 6.54% between 7/1/22 – 6/30/23 (Interest accrues from the date of disbursement) | Fixed at 7.54% between 7/1/22 – 6/30/23 (Interest accrues from the date of disbursement) | Variable (Interest accrues from the date of disbursement) |
| Origination Fees | Origination Fee is 1.057% between 10/1/20 - 9/30/23 | Origination Fee is 4.228% between 10/1/20 - 9/30/23 | Fees vary based on lender, loan type and credit history. |
| Annual Loan Limits | Non health professional graduate students can borrow $20,500.00. Health professional student can borrow up to HEAL loan limits. | Up to the total cost of attendance minus other financial aid received. | Depends on lender and credit history |
| Credit Requirements | No credit check No cosigner required No debt-to-income scoring | Credit check required Cosigner may be required No debt-to-income scoring | Credit check required Cosigner may be required Debt-to-income scoring may be required |
| Deferment/Forbearance | Available | Available | Depends on Lender |
| Repayment | Grace period is 6 months after graduation or last day of attendance. Maximum term 10 to 25 years | No grace period Repayment begins within 60 days after final disbursement. Maximum term 10 to 25 years | No grace period Repayment terms vary |
| Consolidation and refinancing | Loans can be consolidated into a Direct Consolidation Loan. Learn about your consolidation options. | Loans can be consolidated into a Direct Consolidation Loan. Learn about your consolidation options. | Private student loans cannot be consolidated into a Direct Consolidation Loan but may be refinanced. |
| Prepayment penalties | There is no prepayment penalty fee. There is no prepayment penalty fee. You need to make sure there are no prepayment penalty fees. | There is no prepayment penalty fee. There is no prepayment penalty fee. You need to make sure there are no prepayment penalty fees. | Prepayment penalties There is no prepayment penalty fee. There is no prepayment penalty fee. You need to make sure there are no prepayment penalty fees. |
Private & Alternative Loans
Alternative or Private Loans are designed to supplement federal, state, and institutional financial aid. Borrowers must be credit worthy and may require a co-signer. The loan programs may vary widely and should only be considered after your eligibility for all other types of aid are exhausted.
We believe the information presented on this site is unbiased, thorough, and clearly presented but you may choose any participating program or lender you wish. Please note that neither Touro College & University System nor any of its employees have received benefits of any kind in exchange for providing this list of lenders on the website.
ELM Select is a tool that may aid you in selecting a private educational loan.
The ELM Select website allows you to compare private loan terms and rates side-by-side. The site will give you an overview of loan options before requesting an application and credit check. The application and credit check will occur once you select the loan of your choice.
Borrowers have the right and ability to select the education loan provider of their choice and are not required to use any of the suggested lenders. You can find additional private loan information and suggestions from US News and World Report.