Students who are new to EMU or have not borrowed a Direct Loan before must complete a Federal Direct Loan Master Promissory Note (MPN) and Entrance Counseling at https://studentaid.gov/. Direct Unsubsidized Loans are available to graduate student borrowers. Interest on Direct Unsubsidized Loans is assessed immediately. The interest rate for 2025-26 is fixed at 7.94%. Interest rates and fees are subject to change on federal loans (student and parent) based on congressional action in early summer and a new rate is announced by June 30. Currently an origination fee of 1.057% is charged on each loan; fee is automatically deducted from each disbursement. Aggregate Maximum Loan Limits: First-time borrowers: Beginning July 1, 2026, aggregate maximum for graduate student federal direct loan debt is $100,000 (excluding undergraduate borrowing). Returning borrowers: Aggregate maximum for graduate student federal direct loan debt is $138,500 (including undergraduate borrowing). Enrollment must be maintained on a continual basis to retain this maximum.