Graduate students interested in applying for student loans should complete the Free Application for Federal Student Aid (FAFSA). Use Federal School Code is 001775.
Elimination of Federal Direct Subsidized Loan
The Budget Control Act of 2011, signed into law on August 2, 2011, eliminated the in-school interest subsidy on federal loans for graduate and professional students effective July 1, 2012: http://www.gpo.gov/fdsys/pkg/BILLS-112s365eah/pdf/BILLS-112s365eah.pdf. Federal Direct Subsidized loans will no longer be available after July 1, 2012; all Federal Direct Loans available for graduate and professional students will be unsubsidized. The annual loan limit remains at $20,500 for Graduate and Professional students and $40,500 for Veterinary Medicine students. Previously borrowed Federal Direct Subsidized Loans will not be affected by this change. If you have any questions, please contact the Office of Student Financial Aid at firstname.lastname@example.org or 217-333-0100.
More information about loans is available from the Office of Student Financial Aid.
Loan Eligibility and Fellowships
Students with fellowships who apply for direct loans will have their eligibility reduced by the amount of the fellowship. Traineeships are not counted when eligibility for direct loans is calculated for graduate students. For more information about financial aid for graduate students, see http://www.osfa.illinois.edu/types-of-aid/loans.