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Students who have completed the Free Application for Federal Student Aid (FAFSA) will automatically be considered for the Federal Direct Loan program. Eligibility is determined by the information reported on the FAFSA, the student type (undergraduate or graduate), and grade-level.
Undergraduate Direct Loan Eligibility
All students are considered for the Federal Direct Unsubsidized Loan. Eligibility to receive the need-based Direct Subsidized Loan is determined by the information reported on the FAFSA. With a need-based Direct Subsidized Loan, the federal government pays the interest that accrues while you are in school. On the non-need based Direct Unsubsidized Loan, interest accrues while you are in school.
The interest rate on loans disbursed during the 2022-2023 academic year is 4.99%.
An origination fee of 1.057% is deducted from loans with a first disbursement on or after October 1, 2020. Learn more.
| Year of Study | Dependent Student | Independent Student |
|---|---|---|
| Total Lifetime Eligibility | $31,000 ($23,000 subsidized) |
$57,500 ($23,000 subsidized) |
| First Year 0-39 completed credits |
$5,500 ($3,500 subsidized) |
$9,500 ($3,500 subsidized) |
| Second Year 40-79 completed credits |
$6,500 ($4,500 subsidized) |
$10,500 ($4,500 subsidized) |
| Third Year 80-119 completed credits |
$7,500 ($5,500 subsidized) |
$12,500 ($5,500 subsidized) |
| Fourth Year 120+ completed credits |
$7,500 ($5,500 subsidized) |
$12,500 ($5,500 subsidized) |
Graduate Direct Loan Eligibility
Graduate students who apply for federal student aid are eligible to receive the Federal Direct Unsubsidized Loan. Interest on this loan accrues while you are in school. The maximum a student may received per academic year is $20,500.
The interest rate on loans disbursed during the 2022-2023 academic year is 6.54%.
For loans with a first disbursement on or after October 1, 2020 the origination fee is 1.057%. Learn more.