Federal Direct Loans
The Federal Direct Loan is a long-term, low-interest loan that is awarded by the Office of Financial Aid. The lender is the U.S. Department of Education. This loan is not based upon your credit history or income. The amount you may receive for the academic year is based on your financial need and academic level and is determined by the Office of Financial Aid.
Repayment of the principal begins 6 months after you cease half-time enrollment, and the average repayment term is 10 years.
Current interest rates on all Federal Direct Loans are fixed.
|Loan Type||Grade Level||First Disbursed Between 7/1/13 and 6/30/14|
Note: The interest rates for federal student loans are determined by federal law. If there are future changes to federal law that affect federal student loan interest rates, we will update this page to reflect those changes.
Degree seeking students who are enrolled at least half-time may receive Direct Loan funding as long as they meet all general eligibility requirements.
The Direct Loan amount shown on the student’s financial aid award is the Financial Aid Office’s estimate of the student’s eligibility. As a general rule, the following grade-level maximums apply.
|Year in School||Base Amount||Additional Unsubsidized||*Additional Unsubsidized|
|Freshman 0-29 Credits||$3,500||$2,000||$4,000|
|Sophomore 30-59 Credits||$4,500||$2,000||$4,000|
|Junior 60-89 Credits||$5,500||$2,000||$5,000|
|Senior 90+ Credits||$5,500||$2,000||$5,000|