Prospective Students

Federal Direct Loan

Undergraduates

  • Student is the borrower
  • Completed, valid FAFSA is required
  • Must be enrolled at least half-time each year in a degree-seeking program
  • Interest rate for 2017-2018 is fixed at 4.45% for undergraduate subsidized and unsubsidized loans (as of July 1, 2017)
  • Aggregate undergraduate limit of $23,000 with annual amounts of:
    • Freshmen (less than 32 completed hours): $3,500
    • Sophomores (32-63 completed hours): $4,500
    • Juniors and Seniors (64 + hours): $5,500
    • Undergraduate students may be eligible for an additional $2,000 unsubsidized to above amounts for a total aggregate limit of $31,000
  • Repayment of principle is deferred while the student is in school.
  • Repayment length: up to 10 years
  • A 1.066% loan fee is deducted by the federal government before the loan is disbursed. 

More information on repaying your student loans can be found here.

Graduates

  • Interest rate is fixed at 6% for unsubsidized loans (as of July 1, 2012, graduate students are no longer eligible for subsidized loans) 
  • Annual loan limit of $20,500 unsubsidized
  • Complete the Direct Loan Request Form and return it to the Financial Aid Office
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