Loans

William D. Ford Federal Direct Loan Program

General Eligibility:

  • U.S. citizen or eligible non-citizen
  • Minimum half-time enrollment

Direct Loans

Continued Eligibility:

You must make satisfactory academic progress to continue receiving loans and financial aid. Please refer to the satisfactory academic progress policy for further information.

Direct Subsidized Loan:

This is a need-based loan with the interest paid by the federal government until you graduate, leave school, or fall below half-time enrollment.

Direct Unsubsidized Loan:

This is a non-need based loan with interest starting to accrue upon disbursement. You have the option to postpone payment of interest which is then capitalized (added to principal balance).

Amount:

Amounts are per award year and may be limited by cost of attendance.*

Credential Only Students:
Up to $12,500 combination of subsidized and unsubsidized
$5,500 maximum subsidized depending on financial need

Master’s and Doctoral Students:
Up to $20,500 unsubsidized

Interest and Fees:

  • Fixed interest rate calculated yearly based upon 10-year Treasury Note index, plus an add-on determined by Congress. The interest rate is capped at 9.5 percent.
  • 2014–15 Direct Unsubsidized interest rate: 6.21 percent
  • Loan Fee of 1.073 percent of the principal amount charged for each Direct Unsubsidized Loan you borrow

Repayment:

Starts six months after you graduate or drop below half-time unless you have previously used your grace period. Standard repayment is ten years.

Direct PLUS Loan

This is a credit-based loan and you must meet basic eligibility requirements. If you cannot meet the requirements, you may be eligible if you have a creditworthy endorser/cosigner.

Interest and Fees:

  • Fixed interest rate calculated yearly based upon 10-year Treasury Note index, plus an add-on determined by Congress. The interest rate is capped at 10.5 percent.
  • 2014–15 Direct PLUS interest rate: 7.21 percent
  • Loan fee of 4.292 percent of the principal amount charged for each PLUS Loan that you borrow.

Amount:

Credential Only Students:
Not eligible for the Graduate PLUS Loan

Master’s and Doctoral Students:
Up to the cost of attendance, minus any other aid, scholarship, or loans

Repayment:

First loan repayment is due within 60 days of the final disbursement of the PLUS loan. PLUS loans first disbursed on or after July 1, 2008, will be placed automatically in a 6-month post-enrollment deferment, which you can reduce or cancel by contacting your servicers.

*Stafford loan amounts for programs beginning July 1, 2012, or later.