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 after July 1, 2010 is fixed at 3.4% for undergraduate students.
- 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 is fixed at 6.8%.
- 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.