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The interest rate for graduate students borrowing through the Federal Direct Loan program is currently 64.6%3%. Interest will accrue on all loans from the time of disbursement. Students will also have to pay a small origination fee of approximately 1% to process a Federal Direct Loan. This fee is deducted from the loan proceeds at the time of disbursement.  This loan also has a six month grace period following the student borrower’s last date of at least half-time attendance. Repayment then begins on a monthly basis after the grace period expires.

Federal Direct Loans are usually processed in two installments as required by law. PTS students who are first time federal loan borrowers are required to have an Entrance Interview. This entrance interview can be done online at www.studentloansstudentaid.gov.

Loans are processed through Electronic Funds Transfer, and will be deposited into the student’s PTS account. If the loan proceeds create a credit balance, the Bursar's Office will issue a refund within the federally prescribed time frame for this process.

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  • You must complete a Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. Be sure to designate PTS as a recipient of your FAFSA results using our federal school code: G02626.
  • You must complete a Federal Direct Loan Master Promissory Note. This needs to be done only once during your enrollment at PTS. This can be done electronically at www.studentloansstudentaid.gov.
  • You must complete federally mandated Entrance Counseling. This can be done electronically at www.studentloansstudentaid.gov. If you have done this for a previous loan, you do not need to complete the counseling again.
  • You must also complete a Direct Loan request Request form. This form lets us know how much you wish to borrow in the Direct Loan program. You can access this form at our financial aid resources page.
  • Return your request form to the Office of Admissions and Financial Aid.
  • We may need additional documents in order to process your loan. If we do, we will follow up with you to complete your requirements. Once we have all the required items, we will process your loan, and a new award letter will be sent to you.

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The Grad PLUS Loan can meet additional financial need above and beyond the Federal Direct Loan. This loan has an interest rate of 75.6% 3% and has an origination fee of 4.3%. It also requires a special application and credit check done at www.studentloans.gov. For more information about applying for the Grad PLUS Loan, please contact the Office of Admissions and Financial Aid.

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