Student Loan Information
What are Federal Student Loans?
The Federal Direct Loan Program is a program which 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.
Types of Federal Student Loans
Federal Direct Subsidized Stafford Loan
- Up to $3,500 for the first year of undergraduate study (0-29 hours)
- Up to $4,500 for the second year of undergraduate study (30-59 hours)
- Up to $5,500 per year for subsequent undergraduate years (60+ hours)
Undergraduate students may borrow up to $23,000.
Additional Unsubsidized Stafford Loan
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.
- Up to $4,000 per year for the first two years of undergraduate study (0-59 hours)
- Up to $5,000 per year thereafter (60+ hours)
- Up to $12,000 per year for graduate study
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.
Federal PLUS Loan
Parents of students may borrow annually the amount of the student's cost of education minus other aid for each child who is enrolled at least half time and is a dependent undergraduate student. PLUS is limited to parents who do not have an adverse credit history. Late payments on outstanding obligations are not to be considered as having adverse credit history. The interest rates are determined annually in June. The borrower begins payment within sixty days of final loan disbursement for the school year. Graduate students may also borrow under the PLUS loan program. They have to 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 the Parent PLUS, the interest rate is determined annually. Some lenders may require in-school deferments each term.
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