Loans

Understand all your borrowing options. If you have any questions, do not hesitate to contact us at help@touro.edu.

Depending on your level of financial need, you can apply for a Federal Direct Subsidized/Unsubsidized Loan, a Federal Direct Parent PLUS Loan for dependent students, or a combination of private and alternative loans.

Before accepting any loan, make sure you have a clear understanding of the interest and fees you’ll pay on it as well as your repayment plan options.

 

Federal Direct Subsidized Loan

Federal Direct Unsubsidized Loan

Federal Direct Parent Plus Loan

Private / Alternative Loans

Interest Rate

Fixed at 2.75% between 7/1/20 – 6/30/21
(the federal government generally pays the interest that accrues while
the borrower is in an in-school, grace, or deferment status)

Fixed at 2.75% between 7/1/20 – 6/30/21 (Interest accrues from the date of disbursement)

Fixed at 5.30% between 7/1/20 – 6/30/21
(Interest accrues from the date of disbursement)

Variable
(Interest accrues from the date of disbursement)

Origination Fees

Origination Fee is 1.057% between 10/1/20 – 9/30/21

Origination Fee is 1.057% between 10/1/20 – 9/30/21

Origination Fee is 4.228% between 10/1/20 – 9/30/21

Fees vary based on lender, loan type and credit history.

Annual Loan Limits

Up to $5,500 depending on grade level and dependency status.

For total lifetime limit, go to studentaid.gov/subunsub

Up to $12,500
(less any subsidized amounts received for same period) depending on grade level and dependency status.

For total lifetime limit, go to studentaid.gov/subunsub

Up to the total cost of attendance minus other financial aid received.

Depends on lender and credit history

Credit Requirements

No credit checks

No cosigner required

No debt-to-income scoring

No credit checks

No cosigner required

No debt-to-income scoring

Credit checks required

Cosigner may be required

No debt-to-income scoring

Credit checks required

Cosigner may be required

Debt-to-income scoring may be required

Deferment/Forbearance

Available

Available

Available

Depends on Lender

Repayment

Grace period is 6 months after graduation, last day of attendance or fall below half-time.

Maximum term 10 to 25 years.

Grace period is 6 months after graduation, last day of attendance or fall below half-time.

Maximum term 10 to 25 years.

No grace period.

Repayment begins within 60 days after final disbursement.

Maximum term 10 to 25 years.

No grace period.

Repayment terms vary.

Calculating Your Student Loans

Our Student Loan Calculator can help you determine how much money you’ll need to borrow.