The federal Direct Unsubsidized Loan is available and is not based on financial need. The student is responsible for accrued interest, but may defer interest payments until graduation.

Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.

The terms include:

• Loan limit for Mayo Clinic Graduate School of Biomedical Sciences: $10,000 annually
• Cumulative loan limits (total limit for subsidized and unsubsidized loans): $138,500
• Interest rate: Fixed; see specific rates
• Number of disbursements: Four per academic year
• Repayment term: 10-year standard, with a minimum monthly payment of $50
• Origination fee: See specific fees

The federal Direct Subsidized Loan is the first loan choice for most undergraduate students. This loan is based on financial need, and the federal government subsidizes the interest during your school enrollment.

Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.

The terms include:

• Annual loan limits:
  • $3,500 undergraduate level (year 1)
  • $4,500 undergraduate level (year 2)
  • $5,500 undergraduate level (years 3 and 4)
• Cumulative loan limit: $23,000 undergraduate level
• Interest rate: Fixed; see specific rates
• Number of disbursements: At least two per academic year
• Repayment term: 10-year standard, with a minimum monthly payment of $50
• Origination fee: See specific fees

The federal Direct Unsubsidized Loan is available for independent students and dependent students and is not based on financial need. The student is responsible for accrued interest but may defer interest payments until graduation.

Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.

The terms include:

• Annual loan limits (independent students and dependent students whose parents cannot borrow a PLUS Loan):
  • $6,000 undergraduate level (years 1 and 2)
  • $7,000 undergraduate level (years 3 and 4)
  • $20,500 graduate level
• Annual loan limits (dependent students):
  • $2,000 undergraduate level (years 1 and 2)
  • $2,000 undergraduate level (years 3 and 4)
• Cumulative loan limits (total limit for subsidized and unsubsidized loans):
  • $31,000 undergraduate level (dependent students)
  • $57,500 undergraduate level (independent students)
  • $138,500 graduate level
• Interest rate: Fixed; see specific rates
• Number of disbursements: At least two per academic year
• Repayment term: 10-year standard, with a minimum monthly payment of $50
• Origination fee: See specific fees

The federal Direct PLUS Loan is not need-based and is available for:

• Parents of undergraduate students
• Students in graduate programs

A credit check is completed prior to loan approval. If the applicant has an adverse credit history, he or she will not be eligible for a PLUS Loan and the loan application will be denied. In this scenario, the dependent or undergraduate student will be eligible for a federal unsubsidized loan.

If a graduate student is denied a PLUS loan, he or she may seek an endorser or apply for an alternative loan.

Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.

The terms include:

• Loan limit: Varies (cost of attendance minus other aid)
• Cumulative loan limit: None
• Interest rate: Fixed; see specific rates
• Number of disbursements: At least two per academic year
• Repayment term: 10-year standard, with a minimum monthly payment of $50
• Origination fee: See specific fees

Alternative loans may be used to cover the differences between the financial aid you receive and your total cost of attendance, as determined by the Office of Student Financial Aid and Registrar. The loan terms and conditions vary by lender.

Please consult with us to obtain more information on these types of loans, or visit the Resources page and look at the "Complete your private alternative loan application" section. This will take you to Mayo Clinic's FASTChoice website, which includes resources for comparing private student loans to find one that best meets your needs.

The federal Direct Unsubsidized Loan is available and is not based on financial need. The student is responsible for accrued interest but may defer interest payments until graduation.

Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.

The terms include:

• Loan limit for Mayo Clinic Alix School of Medicine: $40,500 annually
• Cumulative loan limits (total limit for subsidized and unsubsidized loans): $224,000
• Interest rate: Fixed; see specific rates
• Number of disbursements: At least two per academic year
• Repayment term: 10-year standard
• Origination fee: See specific fees

The federal Direct PLUS Loan is not need-based and is available for students in graduate programs. A credit check is completed prior to loan approval. If the applicant has an adverse credit history, he or she will not be eligible for a PLUS Loan and the loan application will be denied. In this scenario, the graduate student may seek an endorser or apply for an alternative loan.

Terms are subject to change each academic or fiscal year. The federal direct loan servicer will mail the borrower a disclosure statement indicating the exact loan terms.

The terms include:

• Loan limit: Varies (cost of attendance minus other aid)
• Cumulative loan limit: None
• Interest rate: Fixed; see specific rates
• Number of disbursements: At least two per academic year
• Repayment term: 10-year standard
• Origination fee: See specific fees