To apply for a federal loan, all students must complete the Free Application for Federal Student Aid (FAFSA). To receive federal student loans, graduate students must be enrolled in at least three credit hours per semester during the fall/spring semesters and two credit hours during the summer semester. Federal policy does not allow disbursement of a loan during a semester in which a student is enrolled for fewer than the required credit hours. Federal Loan Interest Rate and Fee Information
Federal Direct Unsubsidized Loan
- Annual Loan Amount: $20,500 per academic year
- Total Program Limit: $138,500 lifetime limit per student, cumulative total from all undergraduate and graduate programs
No credit approval required.
Graduate PLUS Loan
- Credit-based federal loan program
- To be used as a last resort, toward educational expenses not covered by scholarships, educational benefits, direct unsubsidized loan, or other family resources.
Nurse Faculty Loan
This loan program provides forgiveness of up to 85% of the loan for those who work as full-time nursing faculty or instructors for a period of time after graduation. This program is for students pursuing a Master of Science in Nursing Education or a Post-Master’s Doctor of Nursing Practice degree. Please note the following requirements for the program:
- You must complete a Free Application for Federal Student Aid (FAFSA).
- You must be a US citizen or permanent resident.
- You must complete a total of nine credit hours in education coursework from the following courses in order to qualify for the Nurse Faculty Loan Program: N741, N742, N743 and three of the following: N732, N733, N735, N738, N746, N747, N748, N749, or N750.
- You must be enrolled at least half-time (three credit hours during the fall/spring semesters; two credit hours during the summer semester).
- You must be employed in a full-time nurse faculty position within 12 months of graduation, and you must notify the Student Loan Office immediately once employed.
The loan covers tuition, fees, and books, minus any other resources toward tuition, up to a maximum of $35,500 per academic year.
Private Education Loans
When all federal loan options have been exhausted, or when a student is enrolled less than half-time and therefore not eligible for federal loan funding, private education loans may be utilized. Private loans are loans borrowed from a source other than Duke or the federal government to help finance education expenses. We strongly encourage you to use all available federal loan programs before using private loans.
A student can borrow an education loan from any financial institution of his/her choosing. Duke also offers a Lender List to assist students when applying for a private loan.