Federal Direct Loan Information & Requirements
|
Annual Borrowing Limits |
|
|
Repayment Terms |
|
Academic Level |
Dependent |
Independent Student |
Subsidized:
Repayment begins
6 months after you
graduate or fall below half-time
status. The monthly
payment is set to pay
off your loan in 10
years. Principal
payments are
deferred while you are in school at least
half-time; interest is
paid by the government
during enrollment,
grace & deferment periods. |
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| Freshman |
$3,500 sub
+ $2,000
Unsub |
$3,500 +
$6,000 =
$9,500 |
|
|
| |
|
|
|
|
| Sophomore |
$4,500 sub
+ $2,000
Unsub |
$4,500 +
$6,000 =
$10,500 |
|
|
| |
|
|
|
|
|
Aggregate Borrowing Limits |
|
|
|
|
Dependent Undergrad
Independent
Undergrad |
$31,000
$57,500
(no more than $23,000 of which can be subsidized) |
N/A |
Unsubsidized:
Repayment terms are
the same. However,
interest is the
responsibility
of the
student from
the date of
disbursement.
Both principal
and interest
payments can
be deferred
while you
are in school at
least half-
time. You can choose to receive quarterly interest statements while you are in school or interest will be added to the principal (capitalized)
at your request. |
|
|
| |
|
|
|
|
|
* The interest rate for Direct Loans is fixed every July 1st and is capped at 8.25%
**All Direct Loans have a 1% Guarantee fee which is automatically deducted from your loan.