Loans

Loan	For Consideration	Limits	Rate	Deadline
Federal Direct Graduate Unsubsidized Loan	Admission and filing of the FAFSA	Annual Limit: $20,500 Aggregate (Lifetime Limit): $100,000*	8.08%	Open throughout academic year
Federal Direct Graduate PLUS Loan	Admission and credit approval	Current Borrowers: Cost of Attendance minus Financial Aid New Borrowers: Unable to borrow*	9.08%	Open throughout academic year

*For more information on aggregate limits and new versus current borrowers, view this PDF.

FEDERAL DIRECT GRADUATE UNSUBSIDIZED LOAN PROGRAM

A graduate unsubsidized loan is a federal student loan available to graduate and professional students that does not require the demonstration of financial need. Interest accrues on unsubsidized loans from the time the loan is disbursed until it’s paid in full, including while in school, during grace periods, and during deferments. 

FEDERAL DIRECT GRADUATE PLUS LOAN PROGRAM

A Federal Direct Graduate PLUS Loan, often called a Grad PLUS loan, is a federal student loan available to current borrowers to help finance their education. To learn more about the definition of new and current borrowers and to determine your status, please review the PDF of changes in federal regulations linked at the top of this page. New borrowers include new students to Hanover College graduate programs or current students who have not borrowed a Grad PLUS loan prior to July 1, 2026 are NOT eligible.

ALTERNATIVE/PRIVATE LOAN PROGRAMS

Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its loan programs. Private loans are offered by private lenders and are not part of any federal financial aid program. Hanover College encourages students and their parents to utilize their federal loan eligibility before considering additional funding through private/alternative programs.

Alternative/Private Loan Programs.