What are Federal Student Loans?
The Federal Direct Loan Program provides low-interest loans for students and parents. Students must be enrolled at least half-time (6 credit hours/term) to receive a loan. An origination/guarantee fee of 1-4% may be assessed prior to each disbursement.The interest rates are determined annually in June. If the student is financially eligible for the loan, the federal government will pay the interest while the student is in school. If they are not financially eligible, the student is responsible for the interest and may pay it while attending school or have it added to the principal for later repayment. Repayment of principal and interest begins six months after the student ceases to be enrolled at least half-time.
Undergraduate students may borrow a maximum of $23,000.
Dependent students may borrow $2,000 per year for four years. Independent students may borrow additional amounts listed. The student is responsible for the interest and may pay it while attending school or have it added to the principal for later repayment.
Dependent students may borrow a maximum of $8,000. Independent students may borrow a maximum of $57,500 for undergraduates and $138,500 for graduates, which includes undergraduate loan amounts.
Parents of dependent undergraduate students who are enrolled at least half-time (6 credit hours/term) may borrow up to the amount of the student's cost of education minus other aid annually. The Department of Education conducts a credit check on all Direct PLUS loan applications. The interest rates are determined annually in June, and the borrower begins payment within sixty days of the final loan disbursement for the school year. Graduate students may also borrow under the PLUS loan program. They must meet the same credit history requirements, must apply for federal financial aid, and may borrow up to the cost of attendance, less other financial aid. As with Parent PLUS, the interest rate is determined annually. Some lenders may require in-school deferments each term. Go to https://studentaid.gov/plus-app/ to learn more about Parent and/or Graduate PLUS loans.
Cohort Default Rate
Direct Loan Entrance Counseling
Direct Loan Master Promissory Note (MPN)
Direct Parent PLUS Loan Application
Online Loan Exit Interview
Private Loan Lenders List
Public Service Loan Forgiveness (PSLF) Help Tool
Smart Borrowing Resource
Title IV Loan Code of Conduct