Federal Direct Loan Eligibility
Federal Direct loan limits for dependent students:
|
Year in school
|
Subsidized (if eligible)
|
Combined (Subsidized
and/or Unsubsidized) |
|---|---|---|
|
Freshman (0-29 Earned Credits)
|
$3,500
|
$5,500
|
|
Sophomore (30-59 Earned Credits)
|
$4,500
|
$6,500
|
|
Junior & Senior (60+ Earned Credits)
|
$5,500
|
$7,500
|
|
Second Bachelor
|
$5,500
|
$7,500
|
Direct loans are limited by the estimated cost of attendance. If you receive grants, scholarships, tuition waivers, veterans benefits, vocational rehabilitation funds etc., the amount you can borrow may be limited further.
- Dependent students may borrow up to $31,000 in Direct loans.
However, no more than $23,000 of this limit can be subsidized (interest-free during eligible enrollment.) - Dependent students may borrow the independent loan amounts listed below if their parents apply for a Parent PLUS loan and are denied.
- Certificate degree students can only borrow up to the freshman limits.
- Associate degree students can only borrow up to the sophomore limits after they have earned 30 credits.
Independent Students:
Federal Direct loan limits for independent students:
|
Year in school
|
Subsidized (if eligible)
|
Combined (Subsidized
and/or Unsubsidized) |
|---|---|---|
|
Freshman (0-29 Earned Credits)
|
$3,500
|
$9,500
|
|
Sophomore (30-59 Earned Credits)
|
$4,500
|
$10,500
|
|
Junior & Senior (60+ Earned Credits)
|
$5,500
|
$12,500
|
|
Second Bachelor
|
$5,500
|
$12,500
|
|
Graduate
|
NA
|
$20,500
|
|
VetMed
|
NA
|
$40,500
|
Direct loans are limited by the estimated cost of attendance. If you receive grants, scholarships, tuition waivers, veterans benefits, vocational rehabilitation funds etc., the amount you can borrow may be limited further.
- Certificate degree students can only borrow up to the freshman limits.
- Associate degree students can only borrow up to the sophomore limits after they have earned 30 credits.
- Independent undergraduate students may borrow up to $57,500 in Direct loans.
However, no more than $23,000 of this limit can be subsidized (interest-free during eligible periods of attendance.) - Graduate students may borrow up to $138,500 in total Direct loans.
- VetMed students may borrow up to $224,000 in total Direct loans.
Please note:
- Current Interest Rates and Loan Origination fees
- Starting July 1, 2013, all Direct loans will have a Fixed Interest Rate based on a federally determined index that will vary from year to year.
- Direct Loans borrowed one year will have a different Fixed Interest Rate than a loan borrowed in another year.
- Starting July 1, 2013, variable interest rates for undergraduate Direct subsidized and unsubsidized loan will not exceed 8.25%. Loans borrowed one year will have a different fixed rate than a loan borrowed in another year.
- Starting July 1, 2013, variable interest rates for graduate Direct unsubsidized loan will not exceed 9.50%.
- After July 1, 2012, federal regulations discontinued the lending of Subsidized Direct loans to graduate borrowers.
- Undergraduate Direct loan amounts can be subsidized or unsubsidized or a combination of the two depending on your expected family contribution/student aid index and other factors. Subsidized loans must be accepted before any unsubsidized loan. Additional Direct loans are always unsubsidized.
- Students who don't borrow their entire eligibility fall and spring semesters may use their leftover eligibility for summer semester by contacting our office before or during summer term.