The School of Graduate and Postdoctoral Studies offers a limited number of research assistantships, graduate student tuition waivers and graduate student fellowships or stipends to full-time students in good standing. University fellowships may be supplemented by individual departments. The particular form and amounts of graduate student support available vary among different departments. Prospective students are invited to explore this subject with their departmental chairperson at their earliest opportunity. In general, financial support to individual graduate students is based on academic excellence and economic need. When resources are limited, doctoral students are given preference over masters' degree students. At present, the University does not provide a stipend to all regular students, but most regular students in good standing are receiving financial support in some form. Student Loan Programs To meet the cost of attending The School of Graduate and Postdoctoral Studies, students, spouses and parents are expected to provide financial support to the extent that they are able. When family resources are insufficient to meet educational costs, students are encouraged to seek assistance from the following currently exisiting loan programs: Federal Subsidized Stafford Loan Program The interest rate is an annual variable rate based on the 91-day treasuring bill +3.1% capped at 8.25%. During your enrollment in school, the government pays the interest to your lender. Borrowers have a maximum of 10 years to repay. There is no penalty for pre-payment. Federal Unsubsidized Stafford Loan Program Students who do not qualify in whole or in part for the Federal Subsidized Stafford Loan may apply for the Unsubsidized Federal Stafford Loan. A graduate student may borrow $500 - $18,500. The interest rate is an annual variable rate based on the 91-day treasury bill +3.1% capped at 8.25%. The student is responsible for paying all interest throughout the life of the loan. The student may choose to pay the interest while in school or have the interest capitalized. Borrowers have a maximum of 10 years to repay. There is no penalty for prepayment. Federal Perkins Loan The Perkins Loan is a federal program to provide need-based, low-interest educational loans for those attending graduate and professional schools. The interest rate is 5% during repayment. Allocations of the Perkins are based on the availability of funds and are awarded by the institution. Veterans Educational Benefits The School of Graduate and PostDoctoral Studies is approved for veterans' educational benefits by the State Approval Agency of the State of Illinois. Graduate students may borrow up to the cost of educational and living expenses.