Loans
Federal Subsidized and Unsubsidized Direct Loans
These loans offer a low fixed interest rate for new borrowers and have an undergraduate aggregate limit of $31,000 (no more than $23,000 of which may be subsidized) for “dependent” students and an undergraduate aggregate limit of $57,500 (no more than $23,000 of which may be subsidized) for “independent” students. Loan amounts vary per year. Repayment of a Federal Direct student loan begins six months from the date the student graduates, drops below six credit hours per term or ceases to be enrolled. Loan limits for Federal Subsidized and Unsubsidized Direct Loans are as follows:
| Student Completed Credit Hours (Undergraduate) | Maximum Yearly Dependent Students | ||
|---|---|---|---|
| Subsidized Maximum | Unsubsidized Maximum | Total Annual Direct Limit | |
| 1-29 completed | $3,500 | $2,000 | $5,500 |
| 30-59 completed | $4,500 | $2,000 | $6,500 |
| 60+ completed | $5,500 | $2,000 | $7,500 |
| Student Completed Credit Hours (Undergraduate) | Maximum Yearly Independent Students | ||
| Subsidized Maximum | Unsubsidized Maximum | Total Annual Direct Limit | |
| 1-29 completed | $3,500 | $6,000 | $9,500 |
| 30-59 completed | $4,500 | $6,000 | $10,500 |
| 60+ completed | $5,500 | $7,000 | $12,500 |
Federal Direct PLUS Loan for Parents of Undergraduate Students
This loan program is directed to parents of dependent undergraduate students and is not need-based. Parents may borrow up to the cost of education minus other financial aid for each student enrolled at least half time.
Repayment of the Direct PLUS Loan begins within 60 days after the loan is disbursed; however, deferment of payments while the student is enrolled may be requested on the application. This loan has a fixed interest rate and is set annually in June.