Once a student has earned a bachelor's degree, she or he is not eligible for need-based federal and state grants. Graduate students are eligible for Federal Direct Loans, campus employment, scholarships, and graduate assistantships. Full time graduate students may borrow up to $20,500 per year through the Federal Direct Student Loan program. Apply for a Federal Direct Loan by completing a FAFSA, a Master Promissory Note, and an entrance interview counseling session. Graduate students whose cost of attendance is higher than $20,500 per year may apply for a Federal Direct Graduate PLUS Loan or for private loans.