A student loan is money that is borrowed to pay for educational expenses with the condition that it be paid back over a specified period of time with interest. Student loans are available from a number of different sources, including the federal government and private lenders
Federal student loans
To be considered for federal loans, students must complete a Free Application for Federal Student Aid and meet other eligibility requirements set by the U.S. Department of Education.
Beginning July 1, 2026, new federal loan limits are in place for graduate and professional student borrowers. Additional information will be shared as it becomes available.
Interest rates are set annually; the interest rate for graduate and professional loans disbursed on or after July 1, 2025 and before July 1, 2026 is currently 7.94%. Interest rates for the 2026–27 academic year are not yet available.
Entrance Loan Counseling and Master Promissory Note
All first-time borrowers must complete Entrance Loan Counseling and a Master Promissory Note. These are federal requirements which must be completed prior to disbursement.
Entrance Loan Counseling
The Entrance Loan Counseling session is designed to help students understand their responsibilities as a borrower. After accepting a loan, your My ASU Task List will direct you to the Federal Student Aid website to complete Entrance Loan Counseling. Click on “I am a Graduate or Professional Student.”
Master Promissory Note
The Master Promissory Note is a legal document which contains the terms and conditions of your loan and affirms your agreement to repay. To complete your MPN, you’ll need your FSA ID, school information and contact information for two references. From studentaid.gov, select, “I am a Graduate/Professional Student,” then select MPN for Subsidized/Unsubsidized Loans for Graduate/Professional Students.
Please allow three to five days for recently completed tasks to be updated on your My ASU Finances tab.
Graduate PLUS Loans
Graduate PLUS Loans are no longer available to students entering new degree programs effective beginning July 1, 2026. Other options are available to assist students in meeting their educational costs.
Private student loans
Private student loans are available through lenders such as banks or credit unions, and are not funded by the federal government or academic institution. Students apply directly and are free to choose any lender they wish.
Because eligibility and loan terms vary, you may wish to visit ELM Select to compare various loan options. Students considering private loans are encouraged to View Private Loan FAQs for additional information.