Federal Direct Loan
- 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.
- 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