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Subsidized and unsubsidized loans
Federal Subsidized Direct Loan
Available to undergraduate students. To be eligible, students must complete the Free Application for Federal Student Aid (FAFSA) and show financial need. The loan is interest free as long as the student is enrolled at least half time at a fixed interest rate of 3.76% disbursed after July 1, 2016. A 1.069% Origination Fee will be deducted from each semester's loan amount.
The repayment period begins 6 months after the student is no longer enrolled at least half-time. Depending on when the loan was disbured, interest may accrue during those 6 months of grace period, and will be payable by the borrower rather than subsidized by the federal government.
The maximum amount students may borrow is:
- Freshman (0-29 credits) $3,500 per year
- Sophomore (30-59 credits) $4,500 per year
- Junior/Senior (60+ credits) $5,500 per year
Federal Unsubsidized Direct Loan
Available to undergraduate and graduate students. This loan is not based on need. However, the student must complete the FAFSA. Effective July 1, 2016 the interest on this loan is 3.76% for undergraduate students and 5.31% for graduate students. The student is responsible for the interest while in school. A 1.068% Origination Fee will be deducted from each semester's loan amount.
Academic year borrowing limits
|Time frame||Subsidized Amount Limit||Additional Unsubidized||Total Annual Maximum (subsidized + unsubsidized)|
|Freshman (1 - 29 credits)||$3,500||$2,000||$5,500|
|Sophomore (30 - 59 credits)||$4,500||$2,000||$6,500|
|Junior/Senior (60+ credits)||$5,500||$2,000||$7,500|
|Aggregate Borrowing Limit||$31,000 (no more than $23,000 can be subsidized)|
|Time frame||Subsidized Amount Limit||Total Annual Maximum (subsidized + unsubsidized)|
|Freshman (1 - 29 credits)||$3,500||$9,500|
|Sophomore (30 - 59 credits)||$4,500||$10,500|
|Junior/Senior (60+ credits)||$5,500||$12,500|
|Aggregate Borrowing Limit||$57,500 (no more than $23,000 can be subsidized)|
|Time Frame||Total Annual Maximum: subsidized + unsubsidized|
|Aggregate Borrowing Limit||$138,500 (no more than $65,500 can be subsidized)|