Direct Subsidized Loans

  • Direct Subsidized Loans are available to undergraduate students with financial need.
  • Your school determines the amount you can borrow, and the amount may not exceed your financial need.
  • The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments).

*Note: If you received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

Direct Unsubsidized Loans

  • Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
  • Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
  • If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

Aggregate Loan Limits

                                                                                                                                                                            Dependent Student                                                                                                                 Independent Student

Freshman Undergraduate Annual Loan Limit $5,500—No more than $3,500 of this amount may be in subsidized loans. $9,500—No more than $3,500 of this amount may be in subsidized loans.
Sophomore Undergraduate Annual Loan Limit $6,500—No more than $4,500 of this amount may be in subsidized loans. $10,500—No more than $4,500 of this amount may be in subsidized loans.
Junior and Beyond  Undergraduate Annual Loan Limit $7,500—No more than $5,500 of this amount may be in subsidized loans. $12,500—No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Students Annual Loan Limit $0 $20,500 (unsubsidized only)


*Note:  If the total loan amount you receive over the course of your education reaches the aggregate loan limit, you are not eligible to receive additional loans. However, if you repay some of your loans to bring your outstanding loan debt below the aggregate loan limit, you could then borrow again, up to the amount of your remaining eligibility under the aggregate loan limit.

Would you like to know who your lender is? You can find out by visiting www.nslds.ed.gov.

 

Parent Plus Loan

  • The U.S. Department of Education is your lender.
  • You must not have an adverse credit history.
  • The maximum loan amount is the cost of attendance (determined by the school) minus any other financial aid received.
  • If you or your child have already filled out the Free Application for Federal Student Aid (FAFSA®), you can apply for a PLUS loan on StudentLoans.gov.
  • If a parent borrower has been approved for a Direct Parent PLUS or Direct Graduate PLUS loan the borrower has to complete the Direct PLUS Loan Counseling and sign the Master Promissory Note requirement at www.studentloans.gov.
  • If a Dependent undergraduate (under the age of 24 and not married) student’s parent gets denied on a Parent PLUS Loan the student may then have their unsubsidized loan increased by $2,000 per semester fall/spring. Freshman and sophomore students may borrow a maximum of $6,000 in unsubsidized loan funds in addition to their base amount listed above.

Entrance and Exit Loan Counseling

Entrance Counseling:

  • If you have not previously received a Direct Loan or Federal Family Education Loan (FFEL), the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming.
  • If you are completing entrance counseling to borrow a loan as an undergraduate student, then the entrance counseling will fulfill counseling requirements for Direct Subsidized Loans and Direct Unsubsidized Loans.
  • If you are completing entrance counseling to borrow a loan as a graduate or professional student, the entrance counseling will fulfill counseling requirements for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans.

Exit Counseling:

  • Exit counseling provides important information to prepare you to repay your federal student loan(s).
  • If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program or the FFEL Program, you must complete exit counseling each time you:
  • Drop below half-time enrollment
  • Graduate
  • Leave school

Private Student Loan

Check out a few private loans at Sallie Mae, Discover Student Loans, Wells Fargo and Citizens One.

Private student loans are to help with your student balance when federal aid and scholarships aren’t enough. No FAFSA is required, but a credit check will be ran to determine eligibility.

For more information on Private Loans and for more private loan options, please click here. Or visit or Private Student Loans page here (place a link here to our new private student loan page).

Federal Loan Origination Fee

To review the most up to date origination fees, please visit www.studentaid.gov or click here.

*sources: Federal student aid. An office of the Department of Education. https://studentaid.ed.gov/sa/types/loans