Anderson, Indiana

Undergraduate Loans

Fri, 2013-03-01 15:12 -- univcomm

Undergraduate Federal Direct Loan Information

Federal Direct Subsidized Loan

  • Undergraduate loan limits: Freshman - $3,500; Sophomore - $4,500; Junior and Senior - $5,500; Cumulative limit - $23,000
  • Loans are need-based, but if it is determined that there is no need, a student can borrow Unsubsidized Loan. (See below).
  • FAFSA required annually
  • Repayment of principle and interest beginning six months after ceasing to be enrolled at least half-time.
  • The Federal government will pay the interest while you are a student.
  • The interest rate for Subsidized loans disbursed on or after July 1, 2013 is fixed at 3.86%.
  • Must maintain satisfactory academic progress.

Federal Direct Unsubsidized Loan

  • Undergraduate loan limits (when combined with Subsidized loan): Freshman - $5,500; Sophomore - 6,500; Junior and Senior - $7,500; Cumulative limit - $31,000 when combined with subsidized loan.
  • Independent undergraduate loan limits (in addition to regular undergraduate loan limits): Freshman and Sophomore - $4,000; Junior and Senior - $5,000; Cumulative limit - $57,500 when combined with subsidized loan.
  • Graduate loan limits (when combined with Subsidized loan): $20,500 per year; Cumulative limit - $138,500 when combined with subsidized loan.
  • The federal government will NOT pay the interest while you are a student. However, you do have the option of making interest-only payments while you are in school, or waiting until repayment begins on the principal six months after ceasing to be enrolled at least half time.
  • The interest rate for Undergraduate Unsubsidized loans disbursed on or after July 1, 2013 is fixed at 3.86%.
  • Repayment of principle and interest beginning six months after ceasing to be enrolled at least half-time.
  • FAFSA required annually
  • Must maintain satisfactory academic progress

For eligibility and application information, see How to Apply.

 

Read our Q and A on Direct Loans.