Federal Loans

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. 

Federal Perkins Loans: Beginning with the 18/19 academic year, the Federal Perkins Loan program is no longer available. 

 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 7/1/19-6/30/20
Loan First Disbursed
between 7/1/18 - 6/30/19
Subsidized Undergraduate 4.53% 5.05%
Unsubsidized Undergraduate 4.53% 5.05%
Unsubsidized Graduate/Professional 6.08% 6.6%
PLUS Parent or Graduate/Professional 7.08% 7.6%

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
10/1/19 - 9/30/20
Loans First Disbursed
10/1/18 - 9/30/19
Subsidized & Unsubsidized 1.059% 1.062%
PLUS & Graduate/Professsional PLUS
4.236% 4.248%

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.