Federal Direct Subsidized and Unsubsidized Loan Program

LOAN LIMITS:

Annual Loan Limits - $5,500 for freshmen*, $6,500 for sophomores*, $7,500 for juniors/seniors* (*Includes $2,000 unsubsidized).

$20,500 for graduate level non-medical (graduate level eligible for unsubsidized only).

Aggregate Loan Limits (Lifetime Loan Limits) - visit the Loan Limits webpage.

*Undergraduate subsidized loan amounts are based on financial need.  More information can be found at StudentAid.gov.

*A student in a one-year program can never receive more than the first-year annual loan amount limit.

*A student in a two-year program can never receive more than the second-year annual loan limit for an academic year.

WHO IS ELIGIBLE:

U.S. Citizens or permanent residents; must be half-time (ugrad:6 credit hours grad:4 credit hours).

HOW TO APPLY:

Submit FAFSA in early October each and every year.

INTEREST RATES:

Undergraduate Students:

• 7/1/23-6/30/24
  Fixed Interest Rates
  5.5% Subsidized
  5.5% Unsubsidized

Graduate Students:

• 7/1/23-6/30/24
  Fixed Interest Rates
  7.05% Unsubsidized

DIRECT LOAN FEES:

All Federal Direct loans for students and parents are charged a fee.  The loan fee is a percentage of the loan amount ad is proportionately deducted from each loan disbursement.  The percentage varies depending on when the loan is first disbursed, as shown in the chart below.

Loan Type	First Disbursed	Loan Fee Percent	Fee Example
Direct Subsidized Loans and Direct Unsubsidized Loans	On or after Oct 1, 2020 and before Oct 1, 2024	1.057	$58.13 on a $5,500 loan
Direct PLUS Loans (Parent and Grad/Prog Student)	On or after Oct 1, 2020 and before Oct 1, 2024	4.228	$422.80 on a $10,000 loan