The unsubsidized loan is NOT based on financial need. The student is responsible for paying the interest, which begins accruing as soon as the loan is disbursed. There is a 6 month grace period after graduation or dropping below half-time before repayment is required. The unsubsidized loan DOES accrue interest while the student is in school. Students can make interest payments or let the interest capitalize.
Deadline: Apply during the current academic year
First time borrowers at KUMC must complete the online entrance counseling at www.studentloans.gov
Interest Rates: For loans first disbursed between 7/1/2013-6/30/2014 the interest rate is fixed at 5.41% for all graduate and professional borrowers, and 3.86% for undergraduate borrowers. For loans first disbursed between 7/1/2014-6/30/2015 the interest rate is fixed at 6.21% for all graduate and professional borrowers, and 4.66% for undergraduate borrowers.
Loan Origination Fees:
Beginning October 1st, 2014, Federal Direct Lending will deduct a 1.073% origination fee on any new Federal Direct Subsidized and Unsubsidized Loans, and a 4.288% fee on any new Federal Direct Parent PLUS and Graduate PLUS Loans.
Does the unsubsidized loan have to be repaid? Yes. Repayment begins 6 months after graduation or dropping below half-time.
Need based: No
Enrollment: Must be enrolled at least half-time. For specific information on undergraduate and graduate enrollment please read KUMC's Enrollment Information.
Please contact our office at 913-588-5170 for more information or email us at firstname.lastname@example.org.