Federal Loans

Federal Loans

Federal Loans are borrowed money for college or career school. You must repay your loans, with interest. For more information on loans, visit StudentAid.gov/loans

 

DIRECT SUBSIDIZED LOANS

ELIGIBILITY AND PROGRAM INFORMATION:

For undergraduate students who have the financial need; the U.S. Department of Education generally pays the interest while the student is in school and during certain other periods; student must be at least half-time. The interest rate is 4.45% for loans first disbursed on or after July 1, 2017 and before July 1, 2018, and fixed for the life of the loan. Borrowers may not receive this type of loan for more than 150 percent of the length of their program of study; the U.S. Department of Education may stop paying interest if a student who received Direct Subsidized Loans for the maximum period continues enrollment.

ANNUAL AWARD AMOUNTS (SUBJECT TO CHANGE):

Up to $5.500, depending on grade level, dependency status and financial need.

For Direct Subsidized loan details and updates visit StudentAid.gov/sub-unsub

 

DIRECT UNSUBSIDIZED LOANS

ELIGIBILITY AND PROGRAM INFORMATION:

For undergraduate and graduate professional student; student must be at least half-time; financial need is not required. Interest rate is 4.45% (undergraduate) and 6% (graduate or professional) for loans first disbursed on or after July 1, 2017 and before July 1, 2018, and fixed for the life of the loan.

ANNUAL AWARD AMOUNTS (SUBJECT TO CHANGE):

Up to $20,500 (less any subsidized amount received for the same period), depending on grade level and dependency status.

For Direct Unsubsidized loan details and updates visit StudentAid.gov/sub-unsub

 

DIRECT PLUS LOANS (PARENT AND GRADUATE)

ELIGIBILITY AND PROGRAM INFORMATION:

For parents of dependent undergraduate and for graduate students; borrower is responsible for all interest; student must be at least half-time; financial need is not required. Interest rate is 7% for loans first disbursed on or after July 1, 2017 and before July 1, 2018, and fixed for the life of the loan.

ANNUAL AWARD AMOUNTS (SUBJECT TO CHANGE): Maximum amount is up to cost of attendance minus any other financial aid received.

The maximum amount is up to cost of attendance minus any other financial aid received.

For Direct PLUS loan details and updates visit StudentAid.gov/plus

 

FEDERAL PERKINS LOANS

ELIGIBILITY AND PROGRAM INFORMATION:

For undergraduate and graduate students with exceptional financial need. Interest rate is 5% and fixed for the life of the loan. Eligibility depends of the student’s financial need and other eligibility criteria as determined by the school.

ANNUAL AWARD AMOUNTS (SUBJECT TO CHANGE): Up to $5,500 (undergraduate) and $8,000 (graduate and professional).

Up to $5,500 (undergraduate) and $8,000 (graduate and professional).

For Federal Perkins loan details and updates visit StudentAid.gov/perkins