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Types of Direct Loans
Direct Subsidized Loans - Direct Subsidized Loans are for students with financial need. The University will review the results of your Free Application for Federal Student Aid (FAFSASM) and determine the amount you can borrow. You are not charged interest while you’re in school at least half-time and during grace periods and deferment periods.
Direct Unsubsidized Loans - You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, the University will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
Direct PLUS Loan for Parents - Parents of dependent students may apply for a Direct PLUS Loan to help pay their child's education expenses as long as certain eligibility requirements are met. Graduate and professional students may apply for PLUS Loans for their own expenses.
To be eligible for a Direct PLUS Loan for Parents:
- The parent borrower must be the student's biological or adoptive parent. In some cases, the student's stepparent may be eligible
- The student must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Programsm. Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court.
- The parent borrower must not have an adverse credit history (a credit check will be done). If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.
- The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs. For additional information on eligibility requirements, go to the Student Aid website.
Graduate PLUS Loan - Graduate and professional degree students can borrow a Direct PLUS Loan to help cover education expenses. The terms and conditions applicable to PLUS Loans for parents also apply to PLUS Loans for graduate and professional students. These terms and conditions include:
- A determination that you (the applicant) do not have an adverse credit history; and
- A fixed interest rate of 7.9% for Direct PLUS Loans.
- Unlike parent PLUS applicants, you (the student applicant) are required to complete the Free Application for Federal Student Aid (FAFSASM). In addition, before you can receive a PLUS Loan, this office must have determined your maximum eligibility for Direct Subsidized and Unsubsidized Stafford Loans.
Annual and Aggregate Loan Limits
The following chart provides maximum annual and aggregate (total) loan limits for subsidized and unsubsidized Direct Stafford Loans.
| Year | Dependent Undergraduate Student (except students whose parents are unable to obtain PLUS Loans) | Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans) | Graduate and Professional Degree Student |
|---|---|---|---|
| First Year | $5,500 - No more than $3,500 of this amount may be in subsidized loans | $9,500 - No more than $3,500 of this amount may be in subsidized loans. | $20,500 - No more than $8,500 of this amount may be in subsidized loans. |
| Second Year | $6,500 - No more than $4,500 of this amount may be in subsidized loans. | $10,500 - No more than $4,500 of this amount may be in subsidized loans. | |
| Third and Beyond (each year) | $7,500 - No more than $5,500 of this amount may be in subsidized loans. | $12,500 - No more than $5,500 of this amount may be in subsidized loans. | |
| Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits) | $31,000 - No more than $23,000 of this amount may be in subsidized loans. | $57,500 - No more than $23,000 of this amount may be in subsidized loans. | $138,500 - No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study. |
Note: These annual loan limit amounts are the maximum yearly amounts you can borrow in both subsidized and unsubsidized loans. You can have one type of loan or a combination of both. Because you can't borrow more than your cost of attendance minus any other financial aid you'll get, you may receive less than the annual maximum amounts. Also, the annual loan limits assume that your program of study is at least a full academic year. The maximum annual and total loan limits include any Stafford Loans you may have received under the FFEL Program. Graduate and professional students enrolled in certain health profession programs may receive additional unsubsidized Stafford Loan amounts each academic year beyond those shown above. For these students, there is also an increased aggregate loan limit of $224,000 (maximum $65,500 subsidized).
