There are two types of Federal Direct Loans for undergraduate students: Subsidized and Unsubsidized. Eligibility for a subsidized loan is based on financial need, as determined by the FAFSA. The interest that accrues during periods of enrollment for a subsidized loan is paid by the federal government. If a student does not qualify for a need-based subsidized loan, they automatically qualify for the same loan limit through the unsubsidized loan. The interest that accrues during periods of enrollment for an unsubsidized loan is added to the principal.
The subsidized loan limits are $3,500 per year for freshmen, $4,500 per year for sophomores, and $5,500 per year for juniors and seniors. All students can opt to borrow up to $2,000 as an unsubsidized loan in addition to the initial need-based award. The total aggregate loan amount that undergraduates may borrow is $31,000. The interest rate for both the subsidized and unsubsidized loans are determined by July 1 for the upcoming school year by the federal government. The current interest rate is 6.53%. Please note, there is an approximately 1% origination fee that the government withholds upon each loan disbursement.
Student Loan Repayment Calculator
Graduate and professional students are not eligible to receive Direct Subsidized Loans.
The unsubsidized annual loan limit for graduate and professional students is $20,500. Students enrolled in the Doctor of Pharmacy program are eligible for up to $33,000 per year.
The total aggregate loan limit for graduate and professional students is $138,500. The total aggregate loan limit for the Doctor of Pharmacy program is $224,000. The interest rate for the unsubsidized loan is determined by July 1 for the upcoming school year by the federal government. The current interest rate is 8.08%. Please note, there is an approximately 1% origination fee that the government withholds upon each loan disbursement.
Student Loan Repayment Calculator
The promissory notes for the Federal Direct Subsidized and Unsubsidized loans, as well as the Parent Plus Loan and Grad Plus Loan, are electronically signed at www.studentaid.gov. Sign in using your FSA ID.
Entrance Counseling: All first time borrowers are required to complete online entrance counseling. Without the counseling completed, the University cannot disburse loan proceeds. Click www.studentaid.gov to access the Federal Student Aid website. Sign in with your FSA ID.
Exit Counseling: Upon graduating, withdrawing from college, or going below half-time status in any semester, borrowers are required to complete an exit counseling session. Go to www.studentaid.gov to access the Federal Student Aid website. Sign in with your FSA ID.
