Federal Direct Loan Information
Annual Loan Amounts
The amount of Federal Direct Loan eligibility is based upon dependency status, grade level, and whether you are in an Undergraduate or Graduate program. Subsidized eligibility for undergraduate students is based upon information provided on the FAFSA.
|Grade Level||Base Loan Amount Subsidized and Unsubsidized Loans||Additional Unsubsidized LoanEligibility for Dependent Students||Additional Unsubsidized Loan Eligibility for Independent Students. Dependent Students whose parent (s) are not eligible to borrow a Federal Direct Parent PLUS Loan also qualify
|Third-Year and Beyond Undergraduate
$20,500 in Unsubsidized Loan
(No Subsidized Loan eligibility as a Graduate Student)
Aggregate Loan Limits
If the total loan amount you receive over the course of your education reaches the aggregate loan limit, you are not eligible to receive additional loans. However, if you repay some of your loans to bring your outstanding loan debt below the aggregate loan limit, you could then borrow again, up to the amount of your remaining eligibility under the aggregate loan limit.
|Dependent Students- Undergraduate||Independent Students (and dependents undergraduate students whose parent(s) are not eligible to borrow the Federal Direct PLUS Loan)- Undergraduate||Graduate Students|
Of the $31,000, no more than $23,000 may be in Subsidized Loans
Of the $57,500, no more than $23,000 may be in Subsidized Loans
Of the $138,500, no more than $65,500 may be in Subsidized Loans
The $138,500 limit includes All Federal loans received for Undergraduate study.
Interest rates on federal student loans are set by federal law. The Department of Education will release the upcoming year's interest rate on July 1.
To view how the interest is calculated on the loan, please visit: https://studentaid.gov/understand-aid/types/loans/interest-rates
2023-2024 Academic Year
Subsidized and Unsubsidized Loans
|Fixed Interest Rate||5.50%||7.05%|
Before the loan funds are sent to the school (disbursed), a percentage of the loan amount is kept as an origination fee. Therefore the amount that school will receive is less than the amount borrowed, however you are responsible for repaying the entire amount borrowed and not just the amount received by the school.
Generally loans funds are disbursed twice a year: one-half for the Fall semseter and the other half for the Spring semester. Therefore an origination fee would be assessed from the 2 disbursements.
Example: Unsubsidized Loan for $2,000 is awarded for Fall and Spring; $990 will disburse for the Fall and another $990 for the Spring.
Undergraduate and Graduate
Federal Direct Subsidized and Unsubsidized Loans