Federal Loan Programs
Federal Direct Subsidized & Unsubsidized Loans: The Direct Subsidized Loan is awarded based on financial need and is available to Undergraduate Students only. The Direct Unsubsidized Loan is not based on financial need and is available to Undergraduate and Graduate/Professional Students.
Federal Direct Parent or Graduate/Professional PLUS Loans: The Direct PLUS Loan is available to Parents of Undergraduate Students. The Direct Graduate/Professional PLUS Loan is available to Graduate/Professional Students. Borrowers must be credit-worthy U.S. Citizens or Permanent Residents.
Loan Amounts
|
Loan Type
|
Year
|
Dependent Undergraduate
|
Independent Undergraduate
(or Dep. Undergrad if
parent is denied a PLUS Loan)
|
Graduate &
Professional Student
|
| Direct Subsidized & Unsubsidized |
1st
|
$5,500 (max $3,500 Subsidized)
|
$9,500 (max $3,500 Subsidized)
|
Up to $20,500 each academic year
Up to $33,000 each year if enrolled in Master of Public Health Program
|
| Direct Subsidized & Unsubsidized |
2nd
|
$6,500 (max $4,500 Subsidized)
|
$10,500 (max $4,500 Subsidized)
|
|
| Direct Subsidized & Unsubsidized |
3rd & Beyond
|
$7,500 (max $5,500 Subsidized)
|
$12,500 (max $5,500 Subsidized)
|
|
| Direct PLUS & Direct Graduate/Professional PLUS |
any | The maximum loan amount may not exceed the cost of education, minus other estimated financial assistance. | ||
Interest Rates
|
Loan Type
|
Borrower Type
|
Loan First Disbursed
between 7/1/22-6/30/23
|
Loan First Disbursed
between 7/1/23 - 6/30/24
|
| Subsidized | Undergraduate | 4.99% | 5.49% |
| Unsubsidized | Undergraduate | 4.99% | 5.49% |
| Unsubsidized | Graduate/Professional | 6.54% | 7.05% |
| PLUS | Parent or Graduate/Professional | 7.54% | 8.05% |
Interest rates on Direct Subsidized, Unsubsidized, and PLUS Loans are set annually in June. The rate will be the sum of the high-yield of the 10-year Treasury Note plus an "add on". The interest rate, once established, will apply for the life of the loan. Each loan program has a cap, with the interest rate not to exceed: Undergraduate Subsidized or Unsubsidized cap 8.25%, Graduate Unsubsidized cap 9.5%, PLUS cap 10.5%.
Interest Accrual
|
Loan Type
|
During School
|
During Grace Period
|
|
Subsidized
|
Paid by the federal government
|
Paid by the federal government
(Except on loans first disbursed 7/1/12 - 6/30/13)
|
|
Unsubsidized
|
Paid by the borrower: May choose to make quarterly interest payments, or may choose to defer the interest. Unpaid interest will be capitalized and when the loan enters repayment. When unpaid interest is capitalized, it increases the total cost of the loan.
|
|
| PLUS & Graduate/Professional PLUS |
Paid by the borrower: May choose to make quarterly interest payments, or may choose to defer the interest. Unpaid interest will be capitalized and when the loan enters repayment. When unpaid interest is capitalized, it increases the total cost of the loan. | |
| Perkins | Interest does not accrue during school or grace. Interest begins to accrue at repayment. | |
Origination Fees
The loan fee/origination fee is subtracted proportionately from each loan disbursement.
|
Loan Type
|
Loans First Disbursed
10/1/22 - 9/30/23
|
Loans First Disbursed
10/1/21 - 9/30/22
|
| Subsidized & Unsubsidized | 1.057% | 1.057% |
| PLUS & Graduate/Professsional PLUS |
4.228% | 4.228% |
Grace Period
Payments are not required during the grace period. There is no penalty if a borrower chooses to make payments during the grace period.
|
Loan Type
|
Months of Grace
|
|
Subsidized & Unsubsidized
|
6
|
|
PLUS & Graduate/Professsional PLUS
|
Repayment begins within 60 days after the loan is fully disbursed. Borrowers can defer repayment during while the student is enrolled at least half-time & for 6 months after enrollment drops below half-time.
|
|
Perkins
|
9
|
Loan Repayment
Repayment begins immediately after the end of the Grace Period. Learn more at Repay Your Loans.