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.