Loans

Understand all your borrowing options. If you have any questions, do not hesitate to contact us.

Depending on your level of financial need, you can apply for a Federal Direct Subsidized/Unsubsidized Loan, a Federal Direct Parent PLUS Loan for dependent students, or a combination of private and alternative loans.

Before accepting any loan, make sure you have a clear understanding of the interest and fees you’ll pay on it as well as your repayment plan options.

  Federal Direct Subsidized Loan Federal Direct Unsubsidized Loan Federal Direct Parent Plus Loan Private / Alternative Loans
Interest Rate Fixed at 2.75% between 7/1/20 – 6/30/21
(the federal government generally pays the interest that accrues while
the borrower is in an in-school, grace, or deferment status)		 Fixed at 2.75% between 7/1/20 – 6/30/21
(Interest accrues from the date of disbursement)		 Fixed at 5.30% between 7/1/20 – 6/30/21
(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 – 9/30/21 Origination Fee is 1.057% between 10/1/20 – 9/30/21 Origination Fee is 4.228% between 10/1/20 – 9/30/21 Fees vary based on lender, loan type and credit history.
Annual Loan Limits Up to $5,500 depending
on grade level and
dependency status. For total lifetime limit, go
to StudentAid.gov/subunsub		 Up to $12,500 (less any
subsidized amounts
received for same period)
depending on grade level
and dependency status
For total lifetime limit, go
to StudentAid.gov/subunsub		 Up to the total cost of attendance minus other financial aid received. Depends on lender and credit history
Credit Requirements No credit checks
No cosigner required
No debt-to-income scoring		 No credit checks
No cosigner required
No debt-to-income scoring		 Credit checks required
Cosigner may be required
No debt-to-income scoring		 Credit checks required
Cosigner may be required
Debt-to-income scoring may be required
Deferment/Forbearance Available Available Available Depends on Lender
Repayment Grace period is 6 months after graduation, last day of attendance or fall below half-time.
Maximum term 10 to 25 years		 Grace period is 6 months after graduation, last day of attendance or fall below half-time.
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

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.