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.

Interest Rates

Current interest rates on all Federal Direct Loans are fixed.

Loan Type Grade Level First Disbursed Between 7/1/13 and 6/30/14
Subsidized Loans Undergraduate 3.86%
Unsubsidized Loans Undergraduate
Graduate
3.86%
5.41%
PLUS Loans Parent
Graduate
6.41%
6.41%

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.

View the interest rates on federal student loans first disbursed before July 1, 2013.                                         

Borrower Eligibility

Degree seeking students who are enrolled at least half-time may receive Direct Loan funding as long as they meet all general eligibility requirements.

Borrowing Limits

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