Direct Loan Program

Federal Direct Loans are low interest loans for students, borrowed directly through the U.S. Department of Education. In the Direct Loan Program, the lender is the U.S. Department of Education. While student loans are an excellent option to help you meet your educational goals, loans are borrowed money that must be repaid, with interest. Interest rates vary from different loan programs and times; it is in your best interest to only borrow what you need in student loans!

Loan Eligibility

Federal Direct Loan Eligibility Requirements (Both Subsidized and Unsubsidized)

Before you graduate, you must complete your Exit Counseling requirements as well.

Loan Eligibility Is Calculated Based on the Following Criteria

  • Academic level in school - 1st or 2nd Year
  • If a student changes academic level between semesters, the student may contact the Office of Student Financial Aid to determine additional loan eligibility, if any
  • If a student adds credits after receiving original award package, the student may contact the Office of Student Financial Aid to determine additional loan eligibility, if any
  • Dependency Status - Dependent or Independent

Interest Rate

  • Loan interest rate is fixed at 3.76 % (July 1, 2016 through June 30, 2017)
  • Origination fee is 1.068%/1.069%  (The rate of 1.068% if effective thru September 30, 2016. The rate of 1.069% is effective October 1, 2016)

Loan Limits

Dependent Students*

1st Year Students - Student has completed < 50% of their program's required credits 2nd Year Students - Student has completed at least 50% of their program's required credits
$5,500 - no more than $3,500 in Subsidized loans $6,500 - no more than $4,500 in Subsidized loans
Lifetime Aggregate Limit*
$31,000 - no more than $23,000 in Subsidized loans

Lifetime Aggregate Limit*
$31,000 - no more than $23,000 in Subsidized loans

Independent Students*

1st Year Students - Student has completed < 50% of their program's required credits 2nd Year Students - Student has completed at least 50% of their program's required credits
$9,500 - no more than $3500 in Subsidized loans. $10,500 - no more than $4500 in Subsidized loans.
Lifetime Aggregate Limit*
$57,500 - no more than $23,000 in Subsidized loans
Lifetime Aggregate Limit*
$57,500 - no more than $23,000 in Subsidized loans

*Students may check their own lifetime aggregate loan limits on the National Student Loan Database System (NSLDS) website.