FEDERAL DIRECT LOAN
The Federal Direct Loan is subsidized by the Federal Government, which means the Federal Government pays the interest while the student is in school. Students need to complete the Free Application for Federal Student Aid to qualify for this program. The Federal Direct Loan is awarded based upon financial need of the student. There is no priority deadline to qualify for this program. Students need to enroll at least half-time to be eligible for this program.
The base annual limits for Dependent students for Federal Direct Loan (combined subsidized and unsubsidized) are:
• $3,500 for 1st year undergraduate students base amount. Additional unsubsidized loan amount $2,000.
• $4,500 for 2nd year undergraduate students base amount. Additional unsubsidized loan amount $2,000.
• $5,500 for 3rd & 4th year undergraduate students base amount. Additional unsubsidized loan amount $2,000 (Bachelor of Applied Science Degree Only)
The base annual limits for Independent students for Federal Direct Loan (combined subsidized and unsubsidized) are :
• $3,500 for 1st year undergraduate students base amount. Additional unsubsidized loan amount $6,000
($9,500 total combined subsidized and unsubsidized)
• $4,500 for 2nd year undergraduate students base amount. Additional unsubsidized loan amount $6,000
($10,500 total combined subsidized and unsubsidized)
• $5,500 for 3rd & 4th year undergraduate students base amount. Additional unsubsidized loan amount $7,000
(Bachelor of Applied Science Degree Only)
There is a six month grace period before repayment begins, which means students do not begin repaying the loan until six months after the student either withdraws, graduates, or falls below half-time status. This loan may also carry some teacher cancellation provisions.
For additional information regarding this program go to Studentloans.gov.
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