Student Loans

Student Loans

Federal Direct Loan

 

Year Amount for Dependent Students

 Independent (Or Parents denied Plus)

Freshman $5,50O

 additional $4,000 unsubsidized
Sophomore $6,500 additional $4,000 unsubsidized
Junior $7,500 additional $5,000 unsubsidized
Senior $7,500 additional $5,000 unsubsidized

The amount of Federal Direct Loan money that a student may receive in a year depends on what year of school they are in. The current maximum is $5,500 for first year students to a maximum of $7,500 for junior and above.

The above figures include both subsidized and unsubsidized Federal Direct Loans. For instance, if you are eligible (based on the FAFSA's EFC calculation) for a $3,000 subsidized Federal Direct Loan during your Freshman year, you may also take a $500 unsubsidized Federal Direct loan during the same year for a total of $3,500.

A low interest variable rate loan (currently 6.8%). Interest may be subsidized in cases where there is remaining need after other aid has been awarded. The loan requires no payments until after a six month grace period which begins when the student leaves school or graduates. The loan is then paid back on a 10 year repayment term. Provisions for extended repayment, deferment and cancellation may be available in some cases.