Interest: Undergraduate unsubsidized loans disbursed from July1, 2013 to June 30, 2014 will be charged a fixed interest of 3.86%. Graduate unsubsidized loans disbursed from July1, 2013 to June 30, 2014 will be charged a fixed interest rate of 5.41%.
Unsubsidized Federal Direct Student Loans are available to students regardless of financial need. Unlike Subsidized Federal Direct Loans, you are responsible for the interest from the time the Unsubsidized Federal Direct Student Loan is disbursed until it's paid in full. You can choose to pay the interest while in school or allow it to accrue and be added to the principal. Allowing the interest to accrue will increase the amount you have to repay.
You must have a current FAFSA filed to be eligible for Federal Direct Student Loans. Also, undergraduate students must be registered for a minimum of 6 credits; graduate students must be registered for a minimum of 4.5 credits.
First time borrowers of subsidized and unsubsidized loans must complete Entrance counseling and a Master Promissory Note at www.studentloans.gov.
You will be automatically considered for an Unsubsidized Direct Student Loan when you submit your FAFSA.